Assessment Notices Sent to Property Owners in South Okanagan

NEWS RELEASE
For Immediate Release January 2, 2014 
Assessment Notices Sent to Property Owners in South Okanagan
Property Values Remain Stable for 2014
 
KELOWNA – As 2014 marks BC Assessment’s 40th anniversary, owners of more than 67,000 properties throughout the South Okanagan can expect to receive their 2014 assessment notices in the next few days.
 
“Most homes in the South Okanagan are remaining stable in value compared to last year’s assessment roll,” said Tracy Wall, Deputy Assessor. “Most home owners in the South Okanagan will see modest changes in the + 5% to -5% range.”
 
Overall, the South Okanagan’s Assessment Roll decreased from $19,636,475,825 last year to $19,516,491,502 this year. The 2014 assessment roll includes $217,229,016 for subdivisions, rezoning and new construction.
 
The examples below demonstrate local market trends for residential properties by a geographic area; trends are affected by many variables. 

Jurisdiction	2013 Assessment Roll (valuation date of July 1, 2012)	2014 Completed Assessment Roll (valuation date of July 1, 2013)
Grand Forks	$206,000	$199,000
Greenwood	$126,000	$125,000
Penticton	$374,000	$372,000
Penticton (strata)	$222,000	$217,000
Summerland	$417,000	$419,000
Keremeos	$241,000	$225,000
Midway	$189,000	$178,000
Oliver	$303,000	$300,000
Osoyoos	$369,000	$364,000
Princeton	$214,000	$204,000

 
In addition, owners of commercial and industrial properties in the South Okanagan will see changes ranging from +5% to -10%.

“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 BC Assessment as indicated on their notice as soon as possible in January,” said Wall.
 
“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,” added Wall.
 
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between February 1 and March 15 to hear formal complaints.
 
BC Assessment’s Okanagan office recently moved to a new location within Kelowna. The new office is located at #300-1631 Dickson Avenue in Kelowna. During the month of January, office hours are 8:30 am to 5:00 pm., 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.
 
Visit www.bcassessment.ca for more information about the 2014 Assessment Roll including lists of 2014’s top 100 most valuable residential properties across the province.
 
Of note, 2014 is BC Assessment’s 40th anniversary, marking forty years of value to British Columbia.
 
Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.
 
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For information on how to use BC Assessment's e-valueBC tool click on the following link:
http://apps.bcassessment.ca/Assessment_LinkBC_Training/course11068/course/course11068.html
 
Media Contact 
Tracy Wall, Deputy Assessor
BC Assessment Okanagan
Phone: (250) 763-8300 local 19314
Toll Free: 1.866.valueBC (1.866.825.8322) local 19314
Cell Phone: (250) 826.3641 messages
Email: tracy.wall@bcassessment.ca
 

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MEDIA BACKGROUNDER
For Immediate Release - January 2, 2014 
Facts on B.C. Property Assessments and the 2014 Assessment Roll
• Total number of properties on the 2014 roll is 1,954,445, an approximate 1% increase from 2013. 
• Total value of real estate on the 2014 roll is $1,141,848,449,910, a 1.35% increase from 2013. 
• Total amount of ‘non-market change’, including new construction and development: approximately $17.54 billion, an increase of 5.38% from the 2013 roll of $16.64 billion. 
• In B.C., approx. 87.7% of all properties are classified with some residential (Class 1) component. This equates to over $864 billion of the value on the total provincial roll. 
• Over 98% of property owners accept their property assessment without proceeding to a formal, independent review of their assessment. 
• Assessments are the estimate of a property’s market value as of July 1, 2013 and physical condition as of October 31, 2013. This common valuation date ensures there is an equitable property assessment base for property taxation. 
• Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location. 
• Real estate sales determine a property’s value which is reported annually by BC Assessment.  Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction. 
• BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise more than $6.2 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province, including the public school system. 
• BC Assessment’s website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to www.bcassessment.ca and click on the e-valueBC link.  Copies of neighbourhood assessments are also available at local area offices and most municipal halls and government agent’s offices across the province. 
• For more information on the 2014 assessment roll and regional and province-wide real estate market trends, please visit www.bcassessment.ca and click on the 2014 assessment roll information link.  
• Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn at www.bcassessment.ca.

For information on how to use BC Assessment's e-valueBC tool click on the following link:
http://apps.bcassessment.ca/Assessment_LinkBC_Training/course11068/course/course11068.html