Property values in the North Okanagan have climbed.
Property assessment notices are being mailed out this week and B.C. Assessment indicates that values have increased in all communities.
“The majority of residential homeowners within the region can expect a modest increase in value compared to last year’s assessment,” said Tracy Wall, deputy assessor.
Leading the pack is Spallumcheen, where the average assessment has jumped 10 per cent from $331,500 in 2014 to $364,400 in 2015.
Next is an 8.57 per cent increase in Lumby from $249,500 to $270,900.
For the rest of the region, the average assessments have gone from $299,400 to $316,800 (5.81 per cent) in Armstrong, from $237,000 to $244,900 (3.33 per cent) in Enderby), from $393,600 to $415,000 (5.43 per cent) in Vernon, from $178,900 to $186,700 (4.35 per cent) for Vernon stratas and from $512,300 to $547,700 (6.91 per cent) for Coldstream.
In the Regional District of Central Okanagan, Lake Country assessments have jumped 9.16 per cent from $510,600 to $557,400.
All 2016 assessments are based on market value as of July 1, 2015.
B.C. Assessment’s website, bcassessment.ca, includes details about the 2016 assessments, property information and trends such as lists of 2016’s most valuable residential properties across the province.
The website also provides self-service access to the e-valueBC service that allows anyone to search, check and compare 2016 property assessments.
“Property owners can find a lot of information on our website, including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2015 or see incorrect information on their notice should contact B.C. Assessment as indicated on their notice as soon as possible in January,” said Wall.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a notice of complaint by Feb. 1 for an independent review by a property assessment review panel.”