Houses in Summerland are worth more money than they were a year ago, according to the latest figures from BC Assessment.
The numbers were released on Jan. 3, and show a typical assessed value for a home in Summerland has increased by 14 per cent since 2022.
According to BC Assessment, the typical home assessed value in Summerland this year is $790,000, up from $694,000 a year earlier.
READ MORE: B.C. property assessments higher, but market has changed: assessor
“Homeowners throughout the Okanagan can generally expect to receive assessments that are up about 10 to 15 per cent for houses while condos and townhomes are up a bit higher,” said Okanagan area deputy assessor Tracy Wall. “Assessments are valued as of July 1, meaning everyone’s annual assessment is a reflection of what your home could have sold for around that time.”
While the typical assessed value of a home in Summerland was $790,000, some homes in the community are worth considerably more.
One waterfront property on Williams Avenue in Trout Creek had an assessed value of $7,520,000. This was the highest assessed value in Summerland and the 73rd-highest assessed value in the region. Nearby, on Dent Street, a single-family home had an assessed value of $7,147,000. This was the second-highest assessed value in Summerland and the 84th-highest assessed value in the region.
Overall, Thompson Okanagan’s total assessments increased from $203.7 billion in 2022 to $234.3 billion this year. A total of about $3.8 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
BC Assessment’s Thompson Okanagan region includes Kelowna and Kamloops as well as all surrounding Okanagan and Thompson communities.
The most expensive house in the Thompson-Okanagan is in Lake Country on Pixton Road, valued at $17,336,000. It is the 156th most expensive house in the province.
READ MORE: Housing prices on the rise around Thompson-Okanagan
Details on the property assessments can be found online at bcassessment.ca. In addition to trends, the site offers a free online property assessment search to check and compare 2023 property assessments anywhere in the province.
“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, 2022, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” Wall said. Property owners who still have concerns after speaking with an appraiser may submit a Notice of Complaint (Appeal) by Jan. 31. for an independent review by a property assessment review panel.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” said Tracy Shymko, Thompson area assessor. “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.”
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During January, hours of operation are 8:30 a.m. to 5 p.m., Monday to Friday.
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