Properties in Osoyoos are worth more in 2019 than they were in 2018, according to an annual BC Assessment report.
The average assessed value for single-family residential properties in Osoyoos for 2019, based on market value as of July 1, 2018, is $414,000. The value is an eight per cent increase from the 2018 average value of $382,000.
The majority of homes within the Okanagan region saw value increases, ranging from five per cent to 15 per cent.
In Oliver, average values increased eight per cent as well, from $352,000 to $381,000. Keremeos saw a 12 per cent increase, from $240,650 to $270,200.
“Local communities and individual housing may experience changes greater or lesser than the average, as market values are based on local market demand and conditions,” Thompson Okanagan assessor Katrina LeNoury said.
Overall, the Okanagan’s total assessments increased from about $108 billion in 2018 to $118.6 billion this year. About $2.5 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
Homeowners can expect to see their assessment notices arrive in the mail in the next few days.
Those who feel that their property assessment does not reflect market value as of July 1, 2018 or see incorrect information on their notice should contact BC Assessment, LeNoury said.
Homeowners can submit a Notice of Complaint (Appeal) by Kan. 31 for an independent review by a property assessment review panel.
Property assessment review panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between Feb. 1 and March 15 to hear formal complaints.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” LeNoury said. “How your assessment changes to the average change in your community is what may affect your property taxes.”
Property values are expected to continue to rise in 2019. BC Assessment predicted that in rural areas of the Okanagan, assessments of residential single detached homes will increase up to or over 20 per cent over the year.
Assessments of condominiums could see a 25 per cent increase, while commercial properties could see anywhere between a five per cent drop or a 20 per cent increase in assessed values.
