Property assessments in Summerland are lower than a year ago, but the values remain higher than in other South Okanagan and Similkameen communities.
More than 67,000 property owners in the region have received their property assessments, which are sent out annually through B.C. Assessment.
In Summerland, the average assessment was $419,000, down from $441,000 a year earlier.
Tracy Wall, deputy assessor with B.C. Assessment, said property values did not all change by the same amount.
“Most homes in the South Okanagan region are remaining stable in value compared to last year’s assessment roll,” she said.
She added that most home owners in the area will see changes of five per cent up or down from last year’s value.
Throughout the region, assessments dropped from the 2012 values.
Penticton assessments dropped from $393,000 in 2012 to $375,000 this year. In Osoyoos, values dropped from an average of $399,000 to $371,000.
The lowest values in the region were in Greenwood, at an average of $126,000, down from $128,000 in 2012.
The South Okanagan’s assessment roll decreased from $20,191,707,730 last year to $19,713,669,628 this year.
The 2013 assessment roll includes $608,204,470 for subdivisions, rezoning and new construction.
In much of the region, assessment values dropped slightly. In the North Okanagan, a reduction of up to 10 per cent overall was noticed in some communities. In Peachland and Lumby, assessment values rose slightly.
Property values are calculated based on the value as of July 1 of each year.
Those who believe their assessment does not reflect the market value of their property should contact B.C. Assessment as soon as possible in January.
If the owner is still concerned about the assessment after speaking with an appraiser, he or she may submit a Notice of Complaint (Appeal) by Jan. 31 for an independent review by a Property Assessment Review Panel.
The independent panels are appointed each year by the Ministry of Community, Sport and Cultural Development. They meet between Feb. 1 and March 15 to hear formal complaints.
The Okanagan assessment office is at 202-1500 Hardy St., Kelowna. In January, office hours are Monday to Friday from 8:30 a.m. to 5 p.m. Property owners can also contact B.C. Assessment toll-free at 1-866-valueBC (1-866-825-8322) or visit www.bcassessment.ca.
