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Assessments coming January

Property assessment notices hit the mailboxes every january; Notice of Appeal is due by jan. 31.

As 2014 marks BC Assessment’s 40th anniversary, property owners can expect to receive their 2014 assessment notices in early January.

“Most homes in the South Okanagan are remaining stable in value compared to last year’s assessment roll,” said Tracy Wall, Deputy Assessor. “Most home owners in the South Okanagan will see modest changes in the + 5 to -5 per cent range.”

Overall, the South Okanagan’s Assessment Roll decreased from $19,636,475,825 last year to $19,516,491,502 this year. The 2014 assessment roll includes $217,229,016 for subdivisions, rezoning and new construction.

According to a press release from BC Assessment Authority local market trends for residential properties fell in all three incorporated Boundary municipalities.

Jurisdiction    2013 Assessment Roll          2014 Assessment Roll

(valuation July 1, 2012)       (valuation July 1, 2013)

Grand Forks   $206,000                   $199,000

Greenwood    $126,000                   $125,000

Midway          $189,000                   $178,000

The Boundary is included in the South Okanagan Assessment Roll where owners of commercial and industrial properties in the South Okanagan will see changes ranging from +5 per cent to -10 per cent.

“Property owners who feel that their property assessment does not reflect market value as of July 1, 2013 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 January 31, for an independent review by a Property Assessment Review Panel,” added Wall.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between February 1 and March 15 to hear formal complaints.

Visit www.bcassessment.ca for more information about the 2014 Assessment Roll including lists of 2014’s top 100 most valuable residential properties across the province.

In B.C., approx. 87.7 per cent of all properties are classified with some residential (Class 1) component. This equates to over $864 billion of the value on the total provincial roll.

Over 98 per cent of property owners accept their property assessment without proceeding to a formal, independent review of their assessment.

Assessments are the estimate of a property’s market value as of July 1, 2013 and physical condition as of October 31, 2013. This common valuation date ensures there is an equitable property assessment base for property taxation.

Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.

BC Assessment’s website provides a listing of property assessments and sales to help property owners understand their property’s market value and provide comparable sales information. Go to www.bcassessment.ca and click on the e-valueBC link. Copies of neighbourhood assessments are also available at local area offices and most municipal halls and government agent’s offices across the province.