KELOWNA —In the next few days, owners of more than 227,000 properties throughout the Okanagan region can expect to receive their 2018 assessment notices which reflect market value as of July 1, 2017.
"The majority of residential home owners within the region can expect a moderate increase compared to last year's assessment," says Deputy Assessor Tracy Wall. "Some properties in our region were impacted by spring floods or summer wild fires. The local BC Assessment staff have identified most of these properties to ensure they receive an accurate assessment. It is still possible that some properties may still need to be reviewed, so owners may want to contact our office for more information if they have not already been contacted."
As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates Okanagan's estimated range of percentage changes to 2018 assessment values by property type compared to 2017 (note that property assessments may vary by individual jurisdiction/municipality within the region).
|Residential Single Detached Homes||+5% to +25%||-5% to +20%|
Residential Strata Units
|0% to +30%||-5% to +15%|
|Commercial||0% to +30%||-10% to +20%|
|Light Industrial||0% to +20%||0% to +25%|
Overall, the Okanagan's total assessments increased from $98 billion in 2017 to $119 billion this year. A total of over $2.5 billion of the region's updated assessments is from new construction, subdivisions and rezoning of properties. The Okanagan forms part of BC Assessment's Thompson Okanagan region. The Okanagan portion includes the Shuswap (Sicamous to Sorrento) in the north, then south through all of the Okanagan communities to the Canada/US border at Osoyoos and west to Princeton.
The summary below provides estimates of average 2017 versus 2018 assessed values of residential homes throughout the region. These examples demonstrate market trends for single family residential (or strata where noted) properties by geographic area:
|Penticton|| $431,000|| $502,000||+16%|
|Penticton (Strata)|| $246,000 || $284,000 ||+15%|
|Summerland|| $500,000|| $582,000 ||+16%|
|Keremeos|| $253,000 || $273,000 ||+7%|
|Oliver|| $327,000|| $375,000 ||+14%|
|Osoyoos|| $402,000 || $472,000 ||+17%|
|Princeton|| $202,000 || $224,000 ||+10%|
|Kelowna|| $619,000 || $725,000 ||+17%|
|Kelowna (Strata)|| $325,000 || $377,000 ||+16%|
|Peachland|| $527,000 || $612,000 ||+16%|
|Lake Country|| $619,000|| $727,000||+17%|
|West Kelowna|| $588,000|| $682,000||+15%|
|Armstrong|| $326,000|| $371,000||+13%|
|Enderby|| $260,000|| $302,000||+16%|
|Vernon|| $441,000|| $493,000||+11%|
|Vernon (Strata)|| $230,000|| $259,000||+12%|
|Coldstream|| $578,000|| $664,000||+14%|
|Salmon Arm|| $371,000|| $415,000||+11%|
|Spallumcheen|| $372,000|| $395,000||+6%|
|Sicamous|| $313,000|| $355,000||+13%|
|Lumby|| $278,000|| $320,000||+15%|
BC Assessment's website at bcassessment.ca includes more details about 2018 assessments, property information and trends such as lists of 2018's top valued residential properties across the province. The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2018 property assessments for anywhere in the province.
"Property owners can find a lot of 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, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," says Wall.
"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 January 31st, for an independent review by a Property Assessment Review Panel," adds Wall.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.
The Okanagan BC Assessment office is located at:
300-1631 Dickson Ave
During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca
Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.
Tracy Wall, Deputy Assessor BC Assessment
Tel. 1.866.825.8322 Ext. 19314 Email: firstname.lastname@example.org
January 2, 2018
Facts on B.C. Property Assessments and the 2018 Assessment Roll
- Total number of properties on the 2018 Roll is 2,044,482, an approximate 1.17% increase from 2017.
- Total value of real estate on the 2018 Roll is over $1.86 trillion, an increase of nearly 12% from 2017.
- Total amount of 'non-market change', including new construction, rezonings and subdivisions is approximately $31.6 billion, an increase of almost 28% from the 2017 Roll of $24.7 billion.
- In B.C., approximately 88% of all properties are classified with some residential (Class 1) component. This equates to $1,445,509,108,324 of the value on the total provincial roll.
- Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.
- Assessments are the estimate of a property's market value as of July 1, 2017 and physical condition as of October 31, 2017. This common valuation date ensures there is an equitable property assessment base for property taxation.
- Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property's market value, BC Assessment's professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
- Real estate sales determine a property's value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
- BC Assessment's assessment roll provides the foundation for local and provincial taxing authorities to raise over $7.5 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
- BC Assessment's website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to bcassessment.ca and use "Find your property assessment".
- For more information on the 2018 Assessment Roll and regional and province-wide real estate market trends including lists of the province's top valued residential properties, please visit www.bcassessment.ca and click on the "Property Information & Trends" link.