Assessed residential property values in the Shuswap continue to be trending upwards.
Last week, BC Assessment has released its property assessment values for 2017. Data made available by the independent property assessor show that as in 2016, residential property values throughout the province have risen on the whole, with some homeowners seeing increases as much as 50 per cent.
In BC Asessment’s Okanagan region, which includes Kelowna, Penticton, Vernon, Salmon Arm and Sicamous, assessed property values for residential single detached homes have increased by as much as 20 per cent, while strata units have risen as much as 30 per cent.
Assessments are the estimate of a property’s market value as of July 1, 2016, and the physical condition as of Oct. 31, 2016.
For Salmon Arm, the average assessed value of a single family residential property rose by 7.2 per cent, meaning a property worth $350,500 prior to July 1, 2016, is currently worth $375,900.
In 2016, Sicamous was one of two Okanagan communities that bucked the trend of rising residential property values across the province, with an average decrease of 2.3 per cent. For 2017, however, Sicamous is in line with the rest of the Okanagan region, seeing an average increase of 6.4 per cent. This means a residential property valued at $298,500 last year currently has an assessed value of $317,000.
Assessed values for light industrial properties for the region are up as much as 10 per cent, while commercial properties are between minus five per cent up to 10 per cent.
“The majority of residential home owners within the region can expect an increase in value ranging from 0 per cent to 30 per cent, compared to last year’s assessment,” says Tracy Wall, a deputy assessor with the independent agency. “The highest increases are in the Central Okanagan with the City of Kelowna being at the peak.”
Salmon Arm residents are expecting a property tax increase of 1.58 per cent for 2017.
BC Assessment’s assessment roll provides a foundation for local and provincial taxing authorities. Wall notes, however, that increased residential property values do not necessarily equate to a hike in property taxes. Taking Salmon Arm for an example, Wall explained that if the value of your property hasn’t increased beyond the average 7.2 per cent, then you’ll only see the 1.58 per cent increase set out by the city.
“Now, if you’re above that, you’re going to pay a little bit more, and if you’re below that, you may not even pay two per cent, it would be less than that,” said Wall.
Homeowners who disagree with their property’s current assessed value have until Jan. 31 to file an appeal.
“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,” adds Wall.
The Property Assessment Review Panels, independent of BC Assessment, 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.
