The Interior’s most expensive home is actually in Lake Country, not Kelowna - InfoNews

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The Interior’s most expensive home is actually in Lake Country, not Kelowna

This home at 12990 Pixton Rd. in Lake Country sold for $12 million last summer, much more than the highest assessed value for any home in the Interior of B.C.
Image Credit: SUBMITTED/B.C. Assessment
January 06, 2020 - 7:00 AM

While a house on Hobson Road in Kelowna has ranked number one in terms of assessed value for homes in the Interior of B.C. for the last couple of years at more than $10 million, a Lake Country home actually sold last summer for $12 million.

The home, at 12990 Pixton Road in Lake Country was assessed at $8.1 million as of July 1, 2018. Its value jumped to $10,254,000 as of July 1, 2019, moving it up to number two in assessed value from number seven last year. It sold for $12 million on Aug. 30, 2019 but was not assessed at that figure.

B.C. Assessment evaluates each property in B.C. on a number of factors so the fact that this house sold for $12 million probably contributed to its value going up by more than $2 million, year over year, Tracy Wall, the Thompson Okanagan Region acting assessor for B.C. Assessment, told iNFOnews.ca.

“We would look at the sale but we wouldn’t look at just one sale,” she said. “We would look at all the sales of those high valued properties before we determined what the final assessment was. We try to set our roll at what we call the median or what similar properties are selling for. We like to be right up there with the sale prices but we aren’t always because we would consider that sale among many sales.”

The house listed with the highest value in the Interior is at 4358 Hobson Rd. and was valued at $10.4 million in 2019, down about $200,000 from the previous year.

Assessed values are used when cities levy taxes on homeowners. The fact that the Pixton Road home is valued at less than its sale price means the owner will save about $8,700 in taxes (based on 2019 tax rates) per year. But, given the fact that its value jumped by about $2 million since 2018, that means the new owner is paying in the neighbourhood of $10,500 a year more in taxes than the previous owner.

The Pixton Road property has five bedrooms, 6.75 bathrooms on three floors, totaling 13,174 square feet. It sits on a 0.86 acre lot below Carr’s Landing Road in Lake Country and has a wharf in Okanagan Lake assessed at $39,800.

It was built in 2009. The land was last sold in 2006 for $2 million.


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