Assessments up 30+ per cent for many Okanagan properties
The hot real estate market has led to big increases in assessed property values in the Okanagan.
BC Assessment has mailed-out its 2022 assessment updates to more than 286,000 properties in the Thompson-Okanagan. The notices reflect market value as of July 1, 2021.
“The real estate market has been robust in the Okanagan and most property owners can expect higher assessment values for 2022 with many communities seeing increases over 30 per cent,” said Okanagan Deputy Assessor Tracy Wall. “Sadly, we recognize that some Okanagan homeowners have been impacted by wildfires and flooding and they are encouraged to contact BC Assessment to discuss the damage to their property.”
(Image credit: BC Assessment)As shown in the above graphic. Spallumcheen and Sicamous saw some of the biggest increases in the region for single-family homes at 42 per cent while further south, Keremeos saw hikes of 48 per cent.
Vernon saw assessments in that category jump by an average of 34 per cent, pushing the average home value from $479,00 to $644,000. Kelowna was also up 34 per cent, from $650,000 to $859,000.
(Image credit: BC Assessment)“The Thompson area real estate market has remained very active and that means most property owners can expect a notable increase for 2022,” said Thompson Deputy Assessor Tracy Shymko. “Unfortunately, parts of our region have also been severely impacted by fires, floods and mudslides and we are here to help such property owners with possible amendments to their 2022 assessments and invite any impacted property owners to connect with us if they haven’t already done so.”
(Image credit: BC Assessment)BC Assessment said overall, the Thompson Okanagan’s total assessments increased from $159.3 billion in 2021 to $204.2 billion this year. A total of about $3.3 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
BC Assessment’s website at bcassessment.ca includes more details about 2022 assessments, property information and trends such as lists of 2022’s top valued residential properties across the province. The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2022 property assessments for anywhere in the province.
“Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2021 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said Tracy Wall.
If a property owner is still concerned about their assessment after speaking to an appraiser, they can 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 provincial government, and typically meet between February 1 and March 15 to hear formal complaints.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” said Tracy Shymko from the agency. “As noted on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”