A Kelowna home built by Edgecombe is listed for $7.9 million.

Kelowna area assessments up 17 per cent

The average price of a home in Kelowna is now $725,000 and in Lake Country it’s $727,000

Property assessments in the Kelowna area are up 17 per cent over the year before with an average assessment of $725,000 for a single family residential home.

Owners of more than 227,000 properties throughout the Okanagan region can expect to receive their 2018 assessment notices over the next few days. The assessments reflect market value as of July 1, 2017.

The increase in Kelowna is typical of the increases in the area.

In Lake Country, assessments are also up 17 per cent with an average home priced at $727,000. In West Kelowna, assessments are up 15 per cent with an average home price of $682,000. Peachland’s average assessment is $612,000, an increase of 16 per cent from a year ago.

“The majority of residential home owners within the region can expect a moderate increase compared to last year’s assessment,” says deputy assessor Tracy Wall. “Some properties in our region were impacted by spring floods or summer wild fires. The local BC Assessment staff have identified most of these properties to ensure they receive an accurate assessment. It is still possible that some properties may still need to be reviewed, so owners may want to contact our office for more information if they have not already been contacted.”

BC Assessment collects, monitors and analyzes property data throughout the year.

Overall, the Okanagan’s total assessments increased from $98 billion in 2017 to $119 billion this year. A total of over $2.5 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties

BC Assessment’s website at bcassessment.ca includes more details about 2018 assessments, property information and trends such as lists of 2018’s top valued residential properties across the province. The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2018 property assessments for anywhere in the province.

“Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said Wall.

“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 January 31st, for an independent review by a Property Assessment Review Panel.”

To report a typo, email: edit@kelownacapnews.com.



kparnell@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Morning Start: The human body contains trace amounts of gold

Your morning start for Friday, August 7, 2020

Roots & Blues announces ticket giveaway ahead of online festival

The festival is streaming free online this year, but those who pre-register can win passes for 2021.

Screen Arts bringing films back to Vernon

Towne Theatre expected to show Okanagan Screen Arts Society films in September

Vernon business restores faith in humanity for houseboat fire victims

Community kindness leaves out-of-province father in tears of appreciation

WATCH: Lavington man chains himself to tree as crews clear space for child care centre

Crews began work clearing space for a new facility Thursday, Aug. 6

371 British Columbians battling COVID-19, health officials confirm

Thursday (Aug. 6) saw a second straight day of nearly 50 new confirmed cases

Statistics Canada says country gained 419,000 jobs in July

National unemployment rate was 10.9 per cent in July, down from the 12.3 per cent recorded in June

Canada plans $3.6 billion in retaliatory tariffs on U.S. in aluminium dispute

The new Canada-United States-Mexico Agreement that replaced NAFTA went into force on July 1

Canada ‘profoundly concerned’ over China death sentence for citizen in drug case

Police later confiscated more than 120 kilograms of the drug from Xu Weihong’s home

COLUMN: Listen to those who know about COVID-19

Accurate information is essential when understanding the pandemic

Penticton man wakes to wildfire, forced to evacuate

A wildfire sparked off the side of Highway 97 near Penticton on Thursday

Anti-gang cops probe Kelowna’s street-level drug trade over B.C. Day long weekend

CFSEU’s Gang Enforcement Team was deployed to Kelowna last weekend

Answers to 5 common questions facing families for the COVID-19 school year

COVID-19 protocols are likely to vary even more at the school board level, and even and school-to-school.

Man allegedly wielding knife at Kelowna Superstore arrested

The 29-year-old Kelowna man has been released on strict conditions for a future court date

Most Read