2013 property values drop in Central Okanagan | iNFOnews | Thompson-Okanagan's News Source

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2013 property values drop in Central Okanagan

Most Central Okanagan property assessment values are down for 2013. How did your home fare?
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January 02, 2013 - 4:39 PM

Some homeowners in Kelowna and surrounding area may not be happy when they see the Central Okanagan assessment roll notices being sent out in the next few days.

“Most home owners in the Central Okanagan can expect modest changes in the -5 per cent to +5 per cent range,” says deputy assessor, Tracy Wall.

Commercial and industrial properties will see the same variance of change.

Overall, the roll decreased from $40,748,380,318 last to year to $40,599,516,028. The assessment includes $280,572,573 for subdivisions, rezoning and new construction and approximately 82,000 properties in the region overall.

Local market trends for residential properties in Kelowna fell slightly. An average home appraised at $501,000 in 2012 was valued for 2013 at $492,000. West Kelowna also saw a $9,000 drop on the average home value at $489,000 in 2012 to $480,000 for 2013. Land in Kelowna was worth a bit more in 2012 at $238,000 and $235,000 expected in 2013.

Peachland can expect an average $5,000 more per property going from $445,000 for the average home to $450,000.

Lake Country appraisals dropped slightly from an average $520,000 to $519,000.

Meanwhile, the province is increasing the threshold for the home owners grant by $10,000 to $1.295 million to keep pace with overall rising property assessments. B.C. Assessment estimates the value of all homes and then the government adjusts the threshold of the home owner grant to make sure 95.5 per cent of eligible homeowners receive the full amount. Homes values above the threshold may still be eligible for a partial grant.

An additional grant of $275 is available to those aged 65 or older, those who are permanently disabled and veterans of certain wars. The B.C. government expanded the program in 2012 to include low-income home owners who would have been eligible for the grant but for the the high assessed value of their homes.

When notices arrive, residents are encouraged to contact the B.C. Assessment office right away if their property assessment does not reflect the market value as of July 1, 2012, or if the information on their notice is incorrect.

“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,” says Wall.

The property assessment review panels meet between Feb. 1 and March 15 to hear formal complaints and are appointed annually by the Ministry of Community, Sport and Cultural Development. They are independent of B.C. Assessment.

The Okanagan assessment office is located at 202-1500 Hardy St., Kelowna. During the month of January, office hours are 8:30 a.m. To 5 p.m., Monday to Friday. Property owners can contact B.C. Assessment toll-free at 1-866-8322 or via www.bcassessment.ca where they can also find more information about the 2013 assessment roll.

News from © iNFOnews, 2013

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