Osoyoos and Oliver homes see slight increase in value
Special to the Times-Chronicle
Within the next few days, owners of more than 283,500 properties in the Okanagan region will be getting their 2021 property assessments. These will show the market value of homes as of July 1, 2020.
The property value in rural areas is particularly increasing. A typical single-family home in Osoyoos saw a one per cent jump from $429,000 in 2019 to $433,000 in 2020. Whereas Oliver saw a seven per cent jump in contrast—increasing from $389,000 in 2019 to $416,000 in 2020.
Other towns in the area have seen much higher increases, the highest being that of Princeton with a 17 per cent increase in value. Sun Peaks and Keremeos saw a 12 per cent increase.
In comparison, Vernon and Kelowna saw a three per cent increase. Penticton saw a two per cent increase.
“For the Okanagan, the majority of homeowners can expect to see moderate value changes compared to last year,” says Okanagan area Deputy Assessor Tracy Wall. “Some of our smaller communities such as Keremeos, Princeton, Enderby and Lumby are seeing notably higher increases in residential values compared to last year.”
Overall, the Thompson Okanagan’s total property assessments increased from $152.8 billion in 2020 to $159.3 billion this year. Roughly $2.4 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” explains Tracy Shymko, a Thompson area deputy 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.”
For more information, you can visit www.bcassessment.ca