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

READ ALSO: LETTER: Assessments not all accurate

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.

To report a typo, email:
news@summerlandreview.com
.



news@summerlandreview.com

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Vernon keeper eager to start college soccer career

Kevin Morgan, 18, graduate of Thompson Okanagan Football Academy, signs on with UBCO Heat

Square footage may be revisited for Vernon cultural centre

Greater Vernon Cultural Centre could see size shrink up to 20 per cent as cost-savings measure

Vernon paddleboarders raise more than $40K for People Place

Third annual Stand Up For charity paddleboard event exceeds $25,000 goal

Historic Vernon land parcel for sale

The O’Keefe Range Land off Bella Vista Road is available; owners asking for almost $29 million

Brain safety top of mind for Lake Country kids

Bylaw officers noticing a number of youth out riding bikes, scooters, skateboards without helmets

Canucks ride momentum into NHL playoff series against defending Stanley Cup champs

PREVIEW: Vancouver opens against St. Louis on Wednesday

COVID-19 outbreak at South Okanagan farm declared over

There continues to be other community exposure events in the Interior Health region

Man, 54, charged in connection with fatal attack of Red Deer doctor

Doctor was killed in his walk-in clinic on Monday

One dead as fish boat sinks off southern Vancouver Island

Shawnigan Lake-registered Arctic Fox II went down off Cape Flattery, west of Victoria

Landlord takes front door, windows after single B.C. mom late with rent

Maple Ridge mom gets help from community generosity and government

VIDEO: Revelstoke rallies to save snared eagle

Local climber scales tree to save the raptor

42 more people test positive for COVID-19 in B.C.

The province has recorded no new deaths in recent days

Joe Biden selects California Sen. Kamala Harris as running mate

Harris and Biden plan to deliver remarks Wednesday in Wilmington

Most Read