According to BC assessment, the majority of residential homeowners in the region can expect a modest increase in value. Photo contributed
In the next few days, owners of more than 222,000 properties throughout the Okanagan can expect to receive their 2016 assessment notices which reflect market value as of July 1, 2015.
“The majority of residential home owners within the region can expect a modest increase in value, compared to last year’s assessment,” said Deputy Assessor Tracy Wall. “The Central Okanagan’s urban areas will see the greatest increases in assessed values along with Penticton, Salmon Arm, Spallumcheen and Lumby.”
In Oliver, the market value of the average single family home was $312,000 in 2015, compared to $320,000 this year, an increase of 2.56 per cent.
In Osoyoos, the value of the typical home last year was $361,700. That has increased to $377,700 this year.
As B.C.’s trusted, go-to provider of property information, BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, the Okanagan’s total assessments increased from $88 billion in 2015 to $94 billion this year. A total of almost $1.7 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
The Okanagan portion of BC Assessment’s Thompson-Okanagan region is partof a geographic area from the Shuswap (Sicamous to Sorrento) in the north, then down through all of the Okanagan communities all the way to the Canada/US Border at Osoyoos and west to Princeton.
Of note, BC Assessment has launched a newly-enhanced website at bcassessment.ca that includes more details about 2016 assessments, property information and trends such as lists of 2016’s top most valuable residential properties across the province.
The website also provides self-service access to the free online e-valueBC service that allows anyone to search, check and compare 2016 property assessments 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, 2015 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Wall.
