Property assessments high in Lake Country
Owners of more than 83,000 properties throughout the Central Okanagan are receiving their 2014 property tax assessment notices and, on average, the most expensive homes in the area are in Lake Country.
The average price of a single family residence in Lake Country is pegged at $504,000, the highest of any municipality in the Central Okanagan, including Kelowna ($493,000), West Kelowna ($475,000) and Peachland ($433,000).
“Most homes in the Central Okanagan are remaining stable in value compared to last year’s assessment roll,” said Tracy Wall, deputy assessor for B.C. Assessment.
“Most home owners in the Central Okanagan will see modest changes in the plus five per cent to minus five per cent range.”
Overall, the Central Okanagan’s assessment roll decreased from $40,476,166,781 last year to $40,473,253,289 this year. The 2014 assessment roll includes $576,999,125 for subdivisions, rezoning and new construction.
In addition, owners of commercial and industrial properties in the Central Okanagan will see changes ranging from plus 10 to minus 5 per cent.
As Lake Country council grapples with its 2014 budget, it does so armed with the knowledge that the average Lake Country single family home is over $500,000. It’s something that will come up in the discussion on the municipality’s current budget.
“The average assessment is the highest in the valley so there are a lot of people with a lot of value in their homes,” said Alberto De Feo, chief administrative officer, adding that no decision on a tax increase has been made.
“For a $500,000 assessment, a potential one per cent increase is $15 per year.”
Property owners who feel that their assessment does not reflect market value as of July 1, 2013 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit an appeal by Jan. 31, for an independent review by a property assessment review panel,” added Wall.