CONSTRUCTION ACTIVITY Construction activity is a factor in the higher total value of assessments in the Okangan Valley. (Summerland Review file photo)

Property values decrease in Penticton, rise elsewhere in South Okanagan Similkameen

BC Assessment values have been sent out to property owners

Property values decreased slightly in Penticton, which was not the case for other communities in the South Okanagan and Similkameen.

The assessments notices have been sent out by BC Assessment, reflecting market values as of July 1, 2019.

“For the Okanagan region, the majority of home owners can expect to see stable values with slight changes from last year,” said Tracy Wall, deputy assessor for the Okanagan area in a news release. “Commercial and industrial properties have shown increases, especially in the North Okanagan.”

In Penticton, the value of a typical home dropped by three per cent, from $481,000 in 2018 to $469,000 in 209. In Summerland, the assessed values increased by an average of two per cent, from $517,000 in 2018 to $526,000 in 2019.

Properties in Keremeos also increased by two per cent, rising from an average of $270,000 in 2018 to $275,000 in 2019.

READ ALSO: Property assessments continue to increase in the South Okanagan

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Princeton saw the largest increase in the region, at nine per cent.

A typical home in Princeton increased in value from $197,000 in 2018 to $215,000 in 2019.

Oliver properties increased in value by an average of two per cent, rising from $381,000 to $389,000.

In Osoyoos, the average increase was four per cent, from $413,000 to $430,000.

Each year, BC Assessment collects, monitors and analyzes property data throughout the year.

The total value of assessments in the Thompson Okanagan region increased from around $147.7 billion in 209 to $153.1 billion this year.

Around $2.7 billion of the updated assessments comes from new construction, subdivisions and rezoning of properties.

Details about the assessments and changes can be found online at bcassessment.ca The site also has self-service access to a free online property assessment search. By registering for a free BC Assessment custom account, people can search a property’s 10-year value history, store and access favourites, create comparisons, monitor neighbourhood sales and use an interactive map.

“Property owners can find a lot of valuable 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, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” Wall said.

READ ALSO: B.C. housing market shows signs of moderation: assessment agency

“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 Jan. 31, for an independent review by a Property Assessment Review Panel.”

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between Feb. 1 and March 15 to hear formal complaints.

“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” said Tracy Shymko. “As noted on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”

Those who have questions may contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday.

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