Property assessments increase in region

Property owners in the region will receive their 2015 assessment notices in the next few days.

Property values are up in most North Okanagan communities but there are some exceptions.

Property owners in the region will receive their 2015 assessment notices in the next few days. All assessments have a valuation date of July 1, 2014.

“Most homes in the North Okanagan are worth more in value compared to last year’s assessment roll,” said Jason Sowinski, with B.C. Assessment.

“Most home owners will see modest changes in the minus five to plus-10 range.”

The largest increase is in Coldstream where the average assessment has gone from $488,000 in 2014 to $516,000 in 2015.

In Vernon, the average assessment has climbed from $371,000 to $396,000 for a residential property and from $176,000 to $178,000 for a strata property.

Armstrong’s assessment went from $291,000 to $302,000 while it increased from $331,000 to $332,000 in Spallumcheen.

However, there was a negative trend in some communities.

The average assessment decreased from $245,000 to $237,000 in Enderby and from $255,000 to $250,000 in Lumby.

Overall, the North Okanagan’s assessment roll, including Salmon Arm and Sicamous, increased from $26,221,360,408 last year to $27,173,940,965 this year. Almost $393 million was added through subdivisions, rezoning and new construction.

In addition, owners of commercial and industrial properties will see changes ranging from zero to five per cent.

“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a notice of complaint (appeal) by Feb. 2 for an independent review by a property assessment review panel,” said Sowinski.

B.C. Assessment can be reached at 1-866-825-8322 or go to www.bcassessment.ca.