Property assessments down in South Okanagan
Homeowners in Penticton and the South Okanagan are likely to see a reduction in the value of their property when they get their 2013 assessment notice in the next few days.
“Generally, the trend is market value is stable throughout the Okanagan, but each community will have a slight variation,” said deputy assessor Tracy Wall. “Most homeowners in the South Okanagan will see modest changes in the −5 to +5 per cent range.”
Most commercial and industrial properties in the South Okanagan see a similar rate of change in their property value, according to Wall. In Penticton, residential property values declined 3.57 per cent overall, while business, industrial and commercial rose by 2.53 per cent. Throughout the South Okanagan, Osoyoos was the most affected, with residential properties dropping 7.23 per cent and commercial dropping 2.19 per cent. None of the South Okanagan communities saw property values rise for residential.
There will be variation from property to property, Wall said, explaining that the assessments are based on what a property could have sold for as of July 1, 2012.
“We analyze all of the sales information to determine those values, and then we compare it to what those were worth last year,” said Wall. “The last couple of years we’ve found that the trend has been more stable, so a minimal drop in value or a slight increase.”
Properties in the Central Okanagan figure significantly in the list of the 200 most valuable properties in the province, the most popular area outside Vancouver and the Lower Mainland. The highest ranking reached for the Okanagan was 53rd, for a Kelowna property valued at $14,614,000. The South Okanagan, however, only broke the top 200 once, with a $7 million acreage off Naramata Road, overlooking Okanagan Lake coming in with a ranking of 122.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2012 or see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January,” said 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 Jan. 31, for an independent review by a Property Assessment Review Panel.”
Once the reviews are complete, a revised assessment roll will be issued. That, says Angela Campbell, revenue supervisor for the City of Penticton, is the assessment roll that will be used to calculate this year’s tax rate, and determine the city’s portion of the property taxes, based on the amount needed for the 2013 financial plan.
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or via www.bcassessment.ca.