Assessed Property Values Remain Stable for 2014

 

NEWS RELEASE - BC Assessment

For Immediate Release

January 2, 2014

ASSESSMENT NOTICES SENT TO PROPERTY OWNERS IN NORTH OKANAGAN

Property Values Remain Stable for 2014

KELOWNA

– As 2014 marks BC Assessment’s 40th anniversary, owners of more than 71,000 properties throughout the North Okanagan can expect to receive their 2014 assessment notices in the next few days.

"Most homes in the North Okanagan are remaining stable in value compared to last year’s assessment roll," said Tracy Wall, Deputy Assessor. "Most home owners in the North Okanagan will see modest changes in the + 5% to -5% range."

Overall, the North Okanagan’s Assessment Roll decreased from $26,560,852,199 last year to $26,221,360,408 this year. The 2014 assessment roll includes $286,676,563 for subdivisions, rezoning and new construction.

The examples below demonstrate local market trends for residential properties by a geographic area; trends are affected by many variables.

Jurisdiction

2013 Assessment Roll

(valuation date of July 1, 2012)

 

2014 Completed Assessment Roll

(valuation date of July 1, 2013)

 

Armstrong

 

$293,000

 

$291,000

 

Enderby

 

$242,000

 

$246,000

 

Revelstoke

 

$322,000

 

$312,000

 

Vernon

 

$374,000

 

$373,000

 

Vernon (Strata)

 

$184,000

 

$173,000

 

Coldstream

 

$480,000

 

$493,000

Salmon Arm

 

$325,000

 

$319,000

 

Spallumcheen

 

$332,000

 

$332,000

 

Sicamous

 

$318,000

 

$310,000

 

Lumby

 

$260,000

 

$256,000

 

 

 

In addition, owners of commercial and industrial properties in the North Okanagan will see changes ranging from +10% to -10%.

"Property owners who feel that their property assessment does not reflect market value as of July 1, 2013 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January," said 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 January 31, for an independent review by a Property Assessment Review Panel," added Wall.

www.bcassessment.ca We Value BC

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between February 1 and March 15 to hear formal complaints.

BC Assessment’s Okanagan office recently moved to a new location within Kelowna. The new office is located at #300-1631 Dickson Ave in Kelowna. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online by clicking "CONNECT" at www.bcassessment.ca.

Visit www.bcassessment.ca for more information about the 2014 Assessment Roll including lists of 2014’s top 100 most valuable residential properties across the province.

Of note, 2014 is BC Assessment’s 40 th anniversary, marking forty years of value to British Columbia.

 

For complete Media Release, click HERE

Paige Gregson

Paige Gregson

REALTOR®
CENTURY 21 Executives Realty Ltd.
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