Photo: Castanet File Photo

Chances are, if you live in the Central Okanagan, the assessed value of your home or commercial property is going up.

According to BC Assessment, increased real estate activity this year means residential and commercial assessments are showing significant increases.

“Increases of five to 20 per cent will be typical for single-family homes in Kelowna, West Kelowna, Westbank and Lake Country. Typical strata residential increases will be in the five to 30 per cent range," said Thompson Okanagan deputy assessor Tracy Wall.

Wall said commercial and industrial properties in the Central Okanagan could see increases of up to 15 per cent.

Commercial properties being purchased for eventual redevelopment will often exceed those.

BC Assessment estimates the market value of properties on July 1 of each year.

Current sales are analyzed, as well as the size, age, quality, condition, view and location of a specific property.

“It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes,” added Wall.

“Your taxes are actually affected by your assessment changes compared to the average change in your community.”

Assessment notices will be sent in early January. However, courtesy letters are being sent this month to property owners whose assessments are increasing significantly more than the typical range of change.

The BC Assessment website will be updated Jan. 3