January 04, 2014 - 8:28 AM
VERNON - Up, down and around the same—it’s a mottled picture for property values across the North Okanagan.
B.C. Assessment will be handing out property assessments for over 71,000 properties in the North Okanagan over the next few days, and deputy assessor Tracy Wall says even with the ups and downs, the main trend is stability.
“Most homes in the North Okanagan are remaining stable in value compared to last year’s assessment roll,” Wall stated in a release. “Most home owners in the North Okanagan will see modest changes in the plus five per cent to minus five per cent range.”
Overall, the North Okanagan’s assessment roll decreased to $26,221,360,408 this year from $26,560,852,199 last year. The 2014 assessment roll includes $286,676,563 for subdivisions, rezoning and new construction.
Residential property in Vernon sunk to $373,000 from $374,000, while strata property went to $173,000 from $184,000. Lumby plummeted to $256,000 from $260,000. Meanwhile Enderby rose to $246,000 from $242,000.
An average home in Coldstream climbed in value to $493,000 from $480,000 while in Armstrong, values dipped to $291,000 from $293,000. Spallumcheen stayed the same at $332,000.
Owners of commercial and industrial properties in the North Okanagan will see changes ranging from plus 10 per cent to minus 10 per cent.
“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 B.C. Assessment as indicated on their notice as soon as possible in January,” Wall said.
If, after speaking with a B.C. Assessment appraiser, a property owner is still concerned, they can also seek an independent review by a Property Assessment Review Panel by submitting a notice of complaint by January 31.
B.C. Assessment went door to door in retrofitted vans last summer, gathering and updating information on North Okanagan homes.
To contact the reporter for this story, email Charlotte Helston at firstname.lastname@example.org, call (250)309-5230 or tweet @charhelston.
News from © InfoTel News Ltd, 2014