Assessments show little change for the Boundary
By Contributor
More than 67,000 property owners throughout the South Okanagan region, which includes the Boundary, can expect to receive their 2012 assessment notices in the next few days.
“Most homes in the South Okanagan are remaining stable with some communities rising slightly and others decreasing slightly in value compared to last year‟s assessment roll,” said Tracy Wall, Deputy Assessor. “Most home owners in South Okanagan will see modest changes in the -5 to +5 percent range.”
Overall, the South Okanagan‟s Assessment Roll decreased from $20,482,679,697 last year to $19,961,549,483 this year. The 2012 assessment roll includes almost $226,303,000 for new construction, subdivisions, and rezoning.
The examples below demonstrate local market trends for residential properties by a geographic area; trends are affected by many variables.
By jurisdiction the following values reflect the 2011 assessment roll (valuation date of July 1, 2010) and the 2012 assessment roll (valuation date of July 1, 2011) respectively.
Grand Forks $217,000; $217,000
Greenwood $136,000; $129,000
Penticton $399,000; $394,000
Summerland $444,000; $443,000
Keremeos $258,000; $248,000
Midway $198,000; $191,000
Oliver $303,000; $314,000
Osoyoos $398,000; $401,000
Princeton $215,000; $223,000
In addition, owners of commercial and industrial properties in South Okanagan will see changes ranging from -5 percent to +10 percent.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2011 or see incorrect information on their notice should contact our office 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.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between Feb. 1 and Mar. 15 to hear formal complaints.
The Okanagan assessment office is located at 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. The telephone number is 250-763-8300 or toll free at 1-800-990-1192.
For more information, go to www.bcassessment.ca.
