Property assessment increases for Penticton, Kelowna, West Kelowna and Vernon residential property owners fell within the 6-8 per cent range. Photo: Contributed

Okanagan region property assessments continue to rise

Biggest increases for Okanagan region from 2018 to 2019 reported in Summerland, Keremeos

Several smaller communities across the Thompson Okanagan have shown the biggest increase in potential housing sale prices based on the 2019 BC Assessment notices for the region.

Communities showing double-digit increases in assessed values include Summerland (10 per cent), Keremeos (12), Spallumcheen (18), Sicamous (17) and Lumby (11).

Otherwise across the region, property assessment increases fell within the 6-8 per cent increase range for single-family residential properties. For strata residential properties, the increases were slightly higher, measuring 14 per cent in Vernon, 10 per cent in Kelowna and nine per cent in West Kelowna and Penticton.

“The majority of residential homeowners within the Okanagan can expect a 5 per cent to 15 per cent change compared to last year’s assessment,” said Thompson Okanagan assessor Katrina LeNoury.

“Local communities and individual housing may experience changes greater or lesser than the average, as market values are based on local market demand and conditions.”

LeNoury said assessments are based on real estate sales registered through the land titles office in Kamloops as of July 1, acknowledging a reflection of the real estate market at that time may differ from what is currently evident as housing sales have fallen off since October while available home listings have increased in volume, according to monthly Okanagan Mainline Real Estate Board sales updates.

Related: Housing market prices ‘softening’ in October 2018

She said factors that impact Okanagan housing values such as a depressed Alberta economy, downturn in some Lower Mainland housing markets and more stringent mortgage qualification rule for first-time buyers are not directly part of the property assessment analysis.

She said what impact that will have if the downturn trend continues into the new year will become evident when the next assessment tabulation is done.

“We don’t set the trend on real estate prices, we are a reflection of what is actually happening in the market at a given point, which in our case is July 1 as mandated by provincial legislation,” she said. “We don’t project forward but rather just reflect what is happening as of that July 1 mandate.”

While it does figure into the final property tax rate for an individual homeowner, LeNoury noted that municipalities set their own tax rates.

“Some people contact us every year and blame use for their taxes increasing but that is not really the case. It is a difficult balance to understand because community set tax rates and assessments are moving parts at the same time,” she said.

“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes. How your assessment changes relative to the average change in your community is what may affect your property taxes.”

Related: Real estate sales forecast slow in Okanagan for 2019-20

The average assessed values between 2018 and 2019 show an increase for Kelowna from $590,000 to $632,000, West Kelowna from $577,000 to $614,000, Lake Country from $575,000 to $619,000, Penticton from $445,000 to $481,000 and Vernon from $411,000 to $447,000.

The smallest increases occurred in Enderby, growing from $292,000 to $300,000, and Salmon Arm, seeing a rise from $307,000 to $364,000.

She suggested the increase in strata residential assessments is a reflection of affordability compared to high house prices creating an increased demand for that housing category.

LeNoury said Okanagan-Thompson region residents should start to receive their 2019 assessment notices in the mail this week, as all notices for B.C. Interior residents were mailed out Dec. 31 from the post office in Richmond.

She encourages property owners to check the BC Assessment website to compare their home’s assessed value against other neighbouring or similar properties, and to not hesitate to participate in the appeal process if they feel an adjustment is required.

She said about 98 per cent of property owners typically accept their assessment without pursuing an appeal, and those that do often reach a settlement working with BC Assessment appraiser staff before the need to make their case before the property assessment review panel that sits from Feb. 1 to March 15.

“Properties can be valued as similar but there can still be unique differences from one property to the next. Our goal is to make sure your assessment is fair and accurate.”

LeNoury said a desire to appeal needs to be filed as a notice of complaint prior to Jan. 31 to be considered for adjudication.



barry.gerding@blackpress.ca

Like us on Facebook and follow us on Twitter

Just Posted

Rat problem arises in the Shuswap

Traps repeatedly selling out as Chase residents deal with unwelcome rodents

Demand for mental health services increasing with acceptance

Support organization sees growing waitlist, particularly for youth and families with children

Family uprooted by suspicious fire grateful for support

Salmon Arm man thankful treasured artwork, family photos undamaged

Olympic rower challenging diabetics to live life to the fullest

Chris Jarvis of I Challenge Diabetes will visit Salmon Arm schools May 15

Commercial recyclables still going to landfill

Province asked to broaden scope of permitted recyclable materials

VIDEO: Restaurant robots are already in Canada

Robo Sushi in Toronto has waist-high robots that guide patrons to empty seats

Permit rejected to bring two cheetahs to B.C.

Earl Pfeifer owns two cheetahs, one of which escaped in December 2015

Real-life tsunami threat in Port Alberni prompts evacuation updates

UBC study says some people didn’t recognize the emergency signal

Care providers call for B.C. seniors’ watchdog to step down

The association also asks the province to conduct an audit and review of the mandate of her office

StyleLine Interiors brings modern designs to Shuswap homes

Kitchen and bath specialist setting up new showroom in downtown Salmon Arm

Update: Highway 3 near Keremeos open to alternating traffic

Details scarce about collision that has closed Highway 3 west of Keremeos

Okanagan librarian delves into trio of titles

Book Talk: Dark Matter, Lincoln’s Dreams and The Jealous Kind

Nitro Cold Brew Coffee from B.C. roaster recalled due to botulism scare

“If you purchased N7 Nitro Cold Brew Coffee from Cherry Hill … do not drink it.”

B.C. man gets award for thwarting theft, sexual assault – all in 10 minutes

Karl Dey helped the VPD take down a violent sex offender

Most Read