Property values remain stable

More than 71,000 property owners throughout the North Okanagan Region can expect to receive their 2013 assessment notices in the next few days.

“Most homes in the North Okanagan are remaining stable in value compared to last year‟s assessment roll,” said Tracy Wall, Deputy Assessor. “Most home owners in North Okanangan will see modest changes in the 0% to -5% range.”

Overall, the North Okanagan‟s Assessment Roll decreased from $27,387,550,091 last year to $26,391,682,576 this year. The 2013 assessment roll includes $354,569,677 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.

In addition, most commercial and industrial properties in the North Okanagan will see changes ranging from +5% to -5%.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2012 or see incorrect information on their notice should contact our office 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.
The Okanagan assessment office is located at 202-1500 Hardy Street in Kelowna. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or via the web.