Recently, 80,000 property owners in the Central Okanagan received their property assessments in the mail. The majority of these assessments showed little change from 2009 as overall real estate sales in Kelowna and area were quite sluggish in 2010. It is important to note that BC Assessments do not reflect current real estate market conditions and are more of a general guide to a home's value than the actual market value. The reason being is when the assessments are compiled (July of the previous year) so a lot can change in a real estate market over a 6 month period. A Realtor® can help you determine your home's current value using recent neighbourhood sales and explaining list to sell ratios.
Overall, the Central Okanagan roll increased from $39.1 billion last year to $39.8 billion this year. This increase of about $700 million reflects changing market values for many properties but also includes subdivisions, rezoning and new construction. For the first time in British Columbia’s history, the total value of all 1.9 million real estate properties on the provincial assessment roll has surpassed $1 trillion.
The examples below are for properties by geographic area and neighbourhood.
Central Okanagan 2011 Assessment Roll
Glenmore – Single Family - $390,000
Rutland – Single Family - $350,000
Upper Mission – Single Family - $578,000
Kelowna – Single Family Waterfront - $2,308,000
Winfield – Single Family - $369,000
Lakeview Heights West Kelowna – SFD - $460,000
Peachland – Single Family - $408,000
Kelowna – Strata - $252,000
Assessments are the estimate of a property’s market value as of July 1, 2010. This common valuation date ensures there is an equitable property assessment base for property taxation. "Property owners who feel that their property assessment does not reflect market value as of July 1, 2010 or see incorrect information on their notice should contact the BC Assessment office indicated on their notice as soon as possible in January."
“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 January 31, for an independent review by a Property Assessment Review Panel.”
BC Assessment’s website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Copies of neighbourhood assessments are also available at local area offices and most municipal halls and government agent’s offices across the province.
The Okanagan assessment office is located at suite 202 - 1500 Hardy Street in Kelowna. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. You can reach them by phone at 250-763-8300 or toll free at 1-888-990-1192.