Kelowna may be the population centre of the Okanagan, but it was Lake Country that had the biggest increase in assessed home values in 2016—and the highest average priced homes.
According to B.C. Assessment, which this week started mailing out an estimated 212,000 assessment notices across the Okanagan, Lake Country assessments rose an average of 16.3 per cent in 2016, compared to Kelowna's 11.1 per cent. Peachland's were up an average of 10.8 per cent, with West Kelowna up 10.7 per cent.
EXTRA: Assessments up across the Central Okanagan
The average priced single family detached home in Lake Country rose in value last year, according to the assessment authority, to $634,000 from $545,000 in 2015. That was slightly ahead of Kelowna's average assessed value of $624,000 last year.
Once again this year, B.C. Assessment’s website at bcassessment.ca includes details about the current assessments, property information and trends such as lists of 2017’s top valued residential properties across the province.
The sixth most valuable home in the Okanagan was in Lake Country last year, 12990 Pixton Road. The waterfront home was valued at $7.1 million.
As in previous years, the assessment authority's website provides self-service access to the free online e-valueBC service that allows anyone to search, check and compare 2017 property assessments anywhere in the province.
“Property owners can find a lot of 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, 2016 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said deputy assessor Tracy 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 Jan. 3, for an independent review by a property assessment review panel.
The panels, independent of BC Assessment and appointed annually by the Ministry of Community, Sport and Cultural Development, typically meet between Feb 1 and March 15 to hear complaints and appeals.
In B.C., typically, 98 per cent of property owners accept the valuation of their property as set by the B.C. Assessment Authority each year.