Property assessments for 2023 show more increases

Homeowners will be receiving their 2023 property assessments in the mail this week, and the evaluations are up again this year.

B.C. Assessment said the market value for homes in the Thompson Okanagan are up 10 to 15 per cent while condos and townhomes are up a bit higher.

Okanagan area deputy assessor Tracy Wall said the assessments are valued as of July 1, and are a reflection of what your home could have sold for around that time.

The average increase for a single-family home in Vernon is 11 per cent, nine per cent in Coldstream, 12 per cent in Spallumcheen and 15 per cent in both Armstrong and Enderby.

Kelowna assessments in the same category have gone up an average of 14 per cent, by 13 per cent in West Kelowna and 10 per cent in Lake Country.

“Home assessments for Kamloops and the surrounding area are rising about 10 to 15 per cent for most communities whereas some communities will be notably higher,” Thompson area assessor Tracy Shymko added. “It is important to think about your assessment as what you could have sold your home for around July 1 of the past year and not necessarily in today’s real estate market.”

(Image credit: BC Assessment)

Overall, the Thompson Okanagan’s total assessments increased from $203.7 billion in 2022 to $234.3 billion this year. A total of about $3.8 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.

The summaries below provide estimates of typical 2022 versus 2023 assessed values of properties throughout the region.

These examples demonstrate market trends for single-family residential properties by geographic area:*​

​*All data calculated based on median values.

These examples demonstrate market trends for strata residential properties (e.g. condos/townhouses) by geographic area for select urban communities:*​

​​*All data calculated b​ased on median values.

BC Assessment’s website at bcassessment.ca includes more details about 2023 assessments, property information and trends such as lists of 2023’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 2023 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map.

“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, 2022 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” Tracy Wall said.

“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,” Wall added.

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,” Tracy Shymko explained. “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.”