Oliver property owners should not see much of a change in their assessment notices this year, according to BC Assessment.

“Most homes in the South Okanagan are remaining stable in value compared to last year’s assessment roll,” said deputy assessor Tracy Wall. “Most homeowners in the South Okanagan will see modest changes in the plus-five per cent to minus-five per cent range.”

More than 67,000 properties throughout the South Okanagan can expect to receive their 2014 assessment notices in the next few days.

How would you like to have $1.1 trillion worth of property? That’s the total value of real estate in BC’s assessment roll in 2014.

Overall, the South Okanagan’s assessment roll decreased from $19,636,475,825 last year to $19,516,491,502 this year.

BC Assessment provides a table comparing various jurisdictions such as Oliver and Osoyoos. In the 2013 assessment roll, the average assessed value of a single family home in Oliver was $303,000, compared to $300,000 in 2014.

In Osoyoos, it was $369,000 in 2013, compared to $364,000 this year.

Wall said owners of commercial and industrial properties in the South Okanagan will see changes ranging from plus-five per cent to minus-10 per cent.

Property owners who feel that their assessment does not reflect market value as of July 1, 2013 should contact BC Assessment. After speaking to an appraiser, people have the option of submitting an appeal by January 31. This appeal will involve an independent review by a property assessment review panel.

Property owners can contact BC Assessment toll-free at 1-866-835-8322 or online at www.bcassessment.ca.

More than 98 per cent of property owners accept their assessments without proceeding to a formal review.

Assessments are the estimate of a property’s market value as of July 1, 2013, and physical condition as of October 31, 2013.

Changes in property assessments reflect movement in the local real estate market and can vary greatly.

When estimating a property’s value, professional appraisers analyze current sales in the area, as well as size, age and location.

The assessment roll provides the foundation for local and provincial taxing authorities to raise more than $6.2 billion in property taxes each year.