Modest rise in Penticton property assessment values for 2021 | iNFOnews | Thompson-Okanagan's News Source

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Modest rise in Penticton property assessment values for 2021

This Summerland property at 903 Dent Street is in the top 100 most expensive residential properties in the Thompson-Okanagan again this year.
January 04, 2021 - 12:16 PM

Property owners in the South Okanagan can expect to see their 2021 property assessments in the mail this week.

B.C. Assessment's Okanagan area deputy assessor Tracy Wall says in a media release Penticton and South Okanagan residents can expect to see moderate value changes compared to last year in their property assessments, although Keremeos and Princeton saw notably higher increases in residential values compared to last year.

A typical residence in Keremeos assessed at $275,000 last year is assessed at $304,000 this year, an increase of 11 per cent.

In Princeton, assessment value of a typical residence jumped 17 per cent, from $215,000 to $252,000 in 2021, while Oliver saw a seven per cent increase, from $389,000 to $416,000.

Penticton saw a much more modest increase in values, with a typical assessment in 2020 at $469,000 now at $479,000, up two per cent.

Summerland actually saw assessment values fall two per cent, from $526,000 to $517,000.

Strata residential properties in Penticton rose by one per cent, from $287,000 to $291,000.

The total value of real estate in the Thompson-Okanagan region was up four per cent this year to $159 billion.

A Summerland property at 903 Dent St. was the top listed South Okanagan residential property in this year’s top 100 list, coming in 92nd place at $5,163,000.

The Dent Street property was also the top listed South Okanagan residential property in 2016, coming in 48th on the top 100 list.

Residents concerned about their assessments can file a Notice of Complaint by Feb. 1 for an independent review by a property assessment review panel.

More information can be found on the BC Assessment web page.

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