File photo.
Single family homeowners in Osoyoos saw an estimated four per cent increase in assessed values over 2018, on average, according to BC Assessment.
“For the Okanagan region, the majority of home owners can expect to see stable values with slight changes from last year,” said Okanagan-area Deputy Assessor Tracy Wall.
She noted that commercial and industrial properties have shown increases, especially in the North Okanagan.
The typical assessed value of a single family home in Osoyoos as of July 1, 2018 was $413,000. That number jumped four per cent to $430,000 as of July, 2019.
In Oliver, the typical assessed value of a single family home as of July, 2018 was $381,000. That value jumped by two per cent to $389,000 (as of July 2019).
Owners of over 280,800 properties throughout the Thompson-Okanagan region can expect to receive their 2020 assessment notices, which reflect market value as of July 1, 2019.
Overall, the Thompson Okanagan’s total assessments increased from about $147.7 billion in 2019 to $153.1 billion this year. A total of about $2.7 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
Property owners who feel that their property assessment does not reflect market value as of July 1, 2019 should contact BC Assessment as indicated on their notice as soon as possible in January. Owners can file a notice of appeal if they are still not satisfied after talking to an assessor.
BC Assessment says that increases in assessment do not automatically translate into a corresponding increase in property taxes.
Have questions?
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, office hours are 8:30 a.m. to 5 p.m. Monday to Friday.
