Residential property values in Midway and Greenwood rose by just over two per cent, while in Grand Forks they fell by the same amount according to assessment notices sent to homeowners last week.
Of the 25 communities in the South, Central and North Okanagan only values in Enderby (at 3.26 per cent) fell by more than those in Grand Forks. Prices increased the most in the North and Central Okanagan, as much as 7 per cent in the communities of Peachland, Kelowna and Vernon.
“Most homes in the Okanagan are worth more in value compared to last year’s assessment roll,” said Jason Sowinski, Deputy Assessor.
The three Boundary communities are included in the South Okanagan’s Assessment Roll, which increased from $19,516,491,502 last year to $19,773,585,279 this year. Of note, a total of almost $235,000,000 was added through subdivisions, rezoning and new construction.
Midway and Greenwood performed better than the average in the South Okanagan Assessment Roll. Only homes in Lumby, Enderby and Grand Forks lost value.
According to BC Assessment, these figures demonstrate local market trends for residential properties by a geographic area; trends that are affected by many variables.
Numbers in Grand Forks fell from $199,000 to $195,000. In Greenwood they increased from $125,000 to $128,000 and in Midway they went up from $178,000 to $182,000.
In addition, according to BC Assessment 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, 2014 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January,” said Sowinski.
“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 February 2, for an independent review by a Property Assessment Review Panel,” added Sowinski.
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 February 1 and March 15 to hear formal complaints.
The Okanagan Region assessment office is located in Kelowna. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday.
Property owners can contact BC Assessment toll-free at 1-866-825-8322 or online by clicking “CONNECT” at www.bcassessment.ca.
Of note, BC Assessment has launched a newly-enhanced version of its free evalueBC service that allows the general public to search, check and compare properties online from across the province. Improved navigation, an interactive map and inclusion of property street-front imagery are among the new features.