The number and value of properties in B.C. has increased overall, but not in the South Okanagan.
In the region, which includes the area from Summerland to Princeton to Grand Forks, the average residential property has dropped from a value of $217,000 to $207,000.
Overall, the total value of assessed property in the South Okanagan has dropped from $20,191,707,730 in 2012 to $19,713,669,628 this year. Tracy Wall, deputy assessor for the region, said, “Values have remained stable in the past year though in rural areas we have seen values drop slightly more than the provincial average.”
Wall indicated that the value of most homes increased or decreased no more than five per cent. Information concerning values province-wide can be found on the BC Assessment website, she added. “You can actually look at your own assessment and your neighbour’s assessment and access that information. We like to think that we are being transparent,” she said.
Wall explained that there are several parts to an assessment including the location of the property itself, the type and condition of the structures on the property and the sales of property in the same area.
Property owners can call BC Assessment if they have questions concerning their property evaluation.
“We also want to remind folks that if they do have questions or something doesn’t look right, give us a call,” Wall said.
“We do have appraisers that are happy to talk to property owners and if they are still not satisfied, then they have to launch a appeal. They need to submit that by Jan. 31,” she added.
Instructions can be found on their website at www.bcassessment.bc.ca