File photo House values go up across the Central Okanagan.

Kelowna residents receive property assessments

Residents who want to appeal their property’s assessed value have until Jan. 31

Kelowna property owners will receive their property’s assessment from BC Assessment in the mail in early January.

Residents who wish to appeal their property’s assessed value have until Jan. 31 to file with the Provincial Property Assessment Review panel. Property assessments are based on the real estate market as of July 1, 2018.

To sign up for the city’s nnline billing system to access city tax and utility accounts in one location. Property owners can view assessment, balance and financial transaction information and historical bills online from the comfort of home. There’s also an option to go paperless and receive bills and property tax notice via email. Visit billing.kelowna.ca to register.

Property tax notices will be mailed in May 2019 to all Kelowna property owners. In addition to the municipal portion of taxes, the City of Kelowna collects amounts on behalf of other taxing authorities including the province (e.g. school tax and BC Assessment), the regional district, library and the hospital which are reflected on the property tax notice.

RELATED: Peachland-Lake Country corridor property assessments continue to rise

An increase in a property’s assessment does not mean property tax bills will increase the same percentage. The taxation rate is based on a property’s class and the change within that class. Residential property owners in Kelowna can use the online property tax estimator tool at kelowna.ca/propertytax to estimate what their 2019 property taxes will be. Prior year and current assessment notices are needed to use the estimator.

RELATED: Property values released by B.C. Assessment

On Dec. 13, Kelowna city council approved a provisional overall taxation increase of 4.43 per cent for 2019. This includes a 2.48 per cent general municipal tax increase and a 1.95 per cent infrastructure levy as one of the ways to address the city’s capital deficit. Combined, the 4.43 per cent taxation demand increase means an $88 increase on a City of Kelowna property tax bill, based on an average home assessed at $682,260.

Council will review the final budget and set the city’s tax demand increase in late April.

For more information about City of Kelowna municipal property taxes and budget, visit kelowna.ca.

Visit BC Assessment and the Government of British Columbia websites for additional information and resources.

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