January 04, 2014 - 8:26 AM
PENTICTON - The value of the average Summerland home creaked up a notch to $419,000 in 2014 from $417,000 in 2013 and it was the only south Okanagan community out of 10 to do so.
Penticton, Oliver, Osoyoos and Keremeos homes saw their assessed value drop just a bit according to B.C. Assessment. In Penticton the average home is now $372,000 a slight decrease from the 2013 assessment of $374,000. Penticton strata homes also dipped to an average of $217,000. In 2013 strata homes or individually owned condos and the like, were $222,000.
Oliver saw its domiciles hit $300,000 down from $303,000 in 2013. Osoyoos homes dropped in value and are at $364,000 down from $369,000 in 2013. Keremeos went south with its values dropping to $225,000 in 2014 from $241,000 in 2013.
“Most home owners in the South Okanagan will see modest changes in the plus five per cent to minus five per cent range," deputy assessor Tracy Wall said. More than 67,000 properties were assessed and owners can expect to see their 2014 assessment notices in the next few days.
Overall, the south Okanagan’s assessment roll decreased to $19.5 billion for 2014, considerably less than $19.6 billion in 2013. The 2014 assessment roll includes $217.2 million for subdivisions, rezoning and new construction.
“Property owners who feel that their property assessment does not reflect market value or see incorrect information on their notice should contact BC Assessment
as indicated on their notice as soon as possible in January,” Wall said. On the B.C. Assessment press release it did say more than 98 per cent of property owners accept their property assessment without proceeding to a formal, independent review of their assessment. Owners who wish to do so can file a notice of complaint by Jan. 31 for an independent review.
The regional office can be found at 1631 Dickson Ave., unit 300, in Kelowna. During January its office hours are 8:30 a.m. to 5 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.
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News from © InfoTel News Ltd, 2014