The owners of approximately 212,000 properties in the Okanagan will receive their 2017 property assessment notices in the mail this week.
And here in the Central Okanagan, values have jumped by as much as 20 per cent overall for residential detached single family homes and by as much as 30 per cent for condominiums, says the B.C. Assessment Authority.
“The majority of residential home owners within the region can expect an increase in value ranging from zero to 30 per cent, compared to last year’s assessment,” said deputy assessor Tracy Wall.
“The highest increases are in the Central Okanagan.”
But while many higher priced, lake-shore homes in the area have dropped in assessed value, overall the typical single family detached house in Kelowna jumped in value in 2016 by 11.1 per cent, in West Kelowna 10.7 per cent, in Lake Country 16.3 per cent and Peachland 10.8 per cent, according to figures released by the assessment authority this week.
Increases, while still substantial, were lower in other parts of the valley. The typical jump in Vernon was 7.6 per cent and 7.3 per cent in Penticton.
In addition to releasing the overall numbers, the assessment authority also released a list of the 100 most expensive properties in the Central Okanagan, with the most expensive being a 9,700-square-foot,four-bedroom, six-bathroom home on Hobson Road in Kelowna’s Lower Mission, assessed at $9.2 million. The house also topped the list last year at an assessed value of $9.5 million
Hobson Road is home to several other multi-million dollar homes as well.
The second most expensive house in the Central Okanagan is located on Pritchard Road in West Kelowna, with an assessed value of $8.1 million. The most expensive house in Lake Country is located on Pixton Road, with a value of $7.1 million. It is sixth on the list.
The list includes one house valued over $9 million, one over $8 million and six over $7 million. All are described as waterfront properties, with three of the $7 million-plus properties listed as acreages.
The rest of the houses on the list range in price from a low of $4.2 million to $6.8 million.
The typical value of a single detached home in Kelowna rose to $624,000 in 2016 with the price of a typical condominium jumping to $325,000. In West Kelowna the typical house was assessed at $593,000, with Lake Country’s average at $634,000 and Peachland at $527,000.
Once again this year, the assessment authority’s website includes details of property assessments from across the province via a free, online search tool.
“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 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. 31, for an independent review by a property assessment review panel.”
The review panels, independent of assessment authority, are appointed annually by the Ministry of Community, Sport and Cultural Development, and typically meet between Feb. 1 and March 15 to hear formal complaints.
The Okanagan region B.C. Assessment office is located at 300-1631 Dickson Avenue in Kelowna. Property owners can contact the assessment authority toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca.