Big increases in Central Okanagan property assessments

With property assessments due out in early January, homeowners in the Central Okanagan are being told to expect increases in assessed home values.

“It’s significant compared to what we have experienced in the past,” deputy assessor with B.C. Assessment Tracy Wall said. “Increases of five to 20 per cent will be typical for single-family homes in Kelowna, West Kelowna, and Lake Country. Typical strata residential increases will be in the five to 30 per cent range.”

This year’s busy real estate market is what’s responsible for the big increases.

“People are migrating to our beautiful location from other parts of Canada, the world,” Wall said. “The economy is stronger in B.C. and it is just a very desirable place to live.”

Wall said commercial and industrial properties throughout the Okanagan have also seen increases of up to 15 per cent.

As for the impact on property taxes, The City of Kelowna’s financial systems and investment manager Genelle Davidson says that is based on the average assessment and in Kelowna this year the average is 11.4 per cent.

“If their assessment goes up more than that average of 11.4 per cent then they will pay proportionally more than that tax rate that council sets and vice versa, if the homeowners assessment goes lower than the 11.4 per cent, then they will pay lower than the tax rate set by council.” Davidson said.

Property assessments will be out in the first week of January and as always if you don’t like what you see, you can file an appeal but very few actually do. According to B.C. Assessment, less than two per cent of homeowners file an appeal.