January 4, 2011

BC Assessment Notices

KELOWNA  2011 – More than 80,000 property owners in the Central Okanagan can expect to receive their 2011 assessment notice in the next few days.

Assessments are the estimate of a property’s market value as of July 1, 2010. This common valuation date ensures there is an equitable property assessment base for property taxation.

Real estate sales determine a property’s value which is reported annually by BC Assessment on assessment notices. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will decide their property tax rates based on the assessment roll for their jurisdiction.

"The assessments of most homes in Kelowna on this year’s assessment roll have not changed significantly from the 2010 assessment roll," said Dan Gaudry, Regional Deputy Assessor. "Most homeowners in Kelowna will see modest changes in the -5% to +5% range."

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.

Overall, the Central Okanagan assessment roll increased from $39.1 billion last year to $39.8 billion this year. This increase of about $700 million reflects changing market values for many properties but also includes subdivisions, rezoning and new construction.

The examples below demonstrate local market trends for properties by a geographic area; trends are affected by many variables. Central Okanagan

Glenmore – Single Family  $390,000
Rutland – Single Family  $350,000
Upper Mission – Single Family  $578,000
Kelowna – Single Family Waterfront  $2,308,000
Winfield – Single Family  $369,000
Lakeview Heights West Kelowna – SFD  $460,000
Peachland – Single Family  $408,000
Kelowna – Strata  $252,000

(This information can be obtained in full at:  www.bcassessment.ca)