Property assessments up by average of 3-4 per cent in Vernon, Coldstream and Kelowna
More than 283,000 property owners in the Thompson Okanagan will receive their 2021 assessment notices in the mail this week.
The notices reflect market value as of July 1, 2020.
Tracy Wall, Okanagan area Deputy Assessor with BC Assessment, said they are seeing general increases of zero to 10 per cent in most communities but some smaller municipalities like Lumby, Enderby, Keremeos and Princeton, are seeing increases of 10 to 20 per cent.
“It’s just the typical market reaction of supply and demand. We look to the sales that occurred around July 1 and that’s what the information was telling us,” Wall told Vernon Matters.
In Vernon, property values have increased about three per cent on average.
“So what that means in terms of values, they went for an average house from $463,000 up to $479,000,” Wall added.
Residential assessments increases in the Central Okanagan range from three to seven per cent, with an average home in Kelowna going from $629,000 to $650,000.
The majority of home owners in the Thompson region will receive a moderate zero to 10 per cent increase in value compared to 2020.
“Housing demand has remained strong in our region with some communities such Barriere, Cache Creek, Logan Lake, Sun Peaks and Merritt experiencing somewhat higher increases in the range of zero up to 20 per cent for residential values,” Thompson area Deputy Assessor Tracy Shymko said.
Overall, the Thompson Okanagan’s total assessments increased from $152.8 billion in 2020 to $159.3 billion this year. A total of about $2.4 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
BC Assessment’s Thompson Okanagan region includes the urban centres of Kelowna and Kamloops as well as all surrounding Okanagan and Thompson communities as listed below.
Single family residential changes
Change to strata residential properties The most valuable residential property in the Thompson Okanagan is in the District of Lake Country, a family residence at 12990 Pixton Road, assessed at $10,741,000. Number two is a home at 4358 Hobson Road in Kelowna for $10,600,000. The top one in Greater Vernon is at 8200 Kalavista Drive in Coldstream (21st overall), for $7,547,000.
Provincially, the total number of properties on the 2021 roll is 2,114,885, an approximate one per cent increase from 2020. The total value of real estate is about $2.01 trillion, an increase of nearly 4.2 per cent from 2020.
BC Assessment’s website at bcassessment.ca includes more details about 2021 assessments, property information and trends such as lists of 2021’s top valued residential properties across the province. The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2021 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map.
“Property owners can find a lot of valuable 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, 2020 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said Tracy Wall.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by February 1, for an independent review by a Property Assessment Review Panel,” Wall added.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 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,” Shymko said. “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.”
If you 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, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.