Shuswap property assessments drop slightly

Property assessments in the Shuswap dropped compared with the previous year, although the change is modest.

For Salmon Arm, a residential property valued at $325,000 in 2013, is now valued at $319,000.

For Sicamous, a residential property valued at $318,000 in 2013 is now valued at $310,000.

Homes are assessed  by BC Assessment on July 1 of each year.

“Most homes in the North Okanagan are remaining stable compared to last year’s assessment roll,” said Tracy Wall, deputy assessor. “Most home- owners will see modest changes in the plus-five to minus-five per cent range.”

Overall the North Okanagan’s assessment roll, which includes the areas of Armstrong, Enderby, Revelstoke, Greater Vernon, Salmon Arm,  Sicamous and Lumby, has decreased slightly in value.

Property assessments can be affected by many variables, so owners are advised to contact BC Assessment as soon as possible if they feel their property assessment does not reflect market value of the property.

None of the properties in Salmon Arm cracked the top 100 highest valued residences. The vast majority of these properties were waterfront land in Kelowna.

Across most of B.C. property assessments are up slightly, with dips in average residential values in the Okanagan and on Vancouver Island.

The biggest increases were in the Northwest and Peace River regions, where total residential value rose about 10 per cent as natural gas and other industrial development picks up speed.

The value of all property in B.C. rose 1.27 per cent, despite declines in most regions for farm, recreational and managed forest land.

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