KELOWNA —In the next few days, owners of more than 222,000 properties throughout the Okanagan can expect to receive their 2016 assessment notices which reflect market value as of July 1, 2015.
“The majority of residential home owners within the region can expect a modest increase in value, compared to last year’s assessment,” says Deputy Assessor Tracy Wall.
“The central Okanagan’s urban areas will see the greatest increases in assessed values along with Penticton, Salmon Arm, Spallumcheen and Lumby.”
B.C. Assessment collects, monitors and analyzes property data throughout the year.
The table below shows the Okanagan‘s estimated typical percentage changes to 2016 assessment values by property type compared to 2015.
B.C. Assessment notes that property assessments may vary by individual jurisdiction or municipality within the region.
Overall, the Okanagan’s total assessments increased from $88-billion in 2015 to $94-billion this year, according to B.C. Assessment.
It says a total of almost $1.7-billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
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B.C. Assessment says the Okanagan portion of it’s Thompson-Okanagan region is part of a geographic area from the Shuswap (Sicamous to Sorrento) in the north, then down through all of the Okanagan communities all the way to the Canada-U.S. Border at Osoyoos and west to Princeton.
The summary below provides estimates of typical 2016 versus 2015 assessed values of residential homes throughout the Okanagan. These examples demonstrate market trends for single family residential properties by geographic area:
Click here for more information from B.C. Assessment’s website.
B.C. Assessment’s top valued residential properties in the Thompson-Okanagan
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