BC Assessment - Thompson Okanagan 2023 Property Assessments in the Mail

KELOWNA, British Columbia, Jan. 03, 2023 (GLOBE NEWSWIRE) -- In the next few days, owners of nearly 289,000 properties throughout the Thompson Okanagan can expect to receive their 2023 assessment notices, which reflect market value as of July 1, 2022."Homeowners throughout the Okanagan can generally expect to receive assessments that are up about 10% to 15% for houses while condos and townhomes are up a bit higher,” says Okanagan area Deputy Assessor Tracy Wall. “Assessments are valued as of July 1, meaning everyone’s annual assessment is a reflection of what your home could have sold for around that time.”

“Home assessments for Kamloops and the surrounding area are rising about 10% to 15% for most communities whereas some communities will be notably higher," adds Thompson area Assessor Tracy Shymko. “It is important to think about your assessment as what you could have sold your home for around July 1 of the past year and not necessarily in today’s real estate market.”

As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.

Overall, the Thompson Okanagan’s total assessments increased from $203.7 billion in 2022 to $234.3 billion this year. A total of about $3.8 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties. BC Assessment’s Thompson Okanagan region includes the urban centres of Kelowna and Kamloops as well as all surrounding Okanagan and Thompson communities as listed below.

The summaries below provide estimates of typical 2022 versus 2023 assessed values of properties throughout the region.

These examples demonstrate market trends for *single-family residential properties *by geographic area:*

*Single Family Homes*
*By Community* *2022 Typical*
*Assessed Value*
as of July 1, 2021 *2023 Typical*
*Assessed Value*
as of July 1, 2022 *%*
*Change*City of Kelowna $ 869,000 $ 988,000 +14 %
West Kelowna $ 855,000 $ 964,000 +13 %
Lake Country $ 886,000 $ 972,000 +10 %
Penticton $ 637,000 $ 727,000 +14 %
Summerland $ 694,000 $ 790,000 +14 %
Keremeos $ 449,000 $ 505,000 +12 %
Oliver $ 555,000 $ 610,000 +10 %
Osoyoos $ 601,000 $ 685,000 +14 %
Princeton $ 338,000 $ 389,000 +15 %
Peachland $ 820,000 $ 890,000 +9 %
Armstrong $ 578,000 $ 663,000 +15 %
Enderby $ 467,000 $ 538,000 +15 %
Vernon $ 644,000 $ 714,000 +11 %
Coldstream $ 816,000 $ 887,000 +9 %
Salmon Arm $ 573,000 $ 668,000 +17 %
Spallumcheen $ 521,000 $ 586,000 +12 %
Sicamous $ 449,000 $ 492,000 +9 %
Lumby $ 502,000 $ 568,000 +13 %
City of Kamloops $ 619,000 $ 689,000 +11 %
Barriere $ 355,000 $ 428,000 +21 %
Clearwater $ 346,000 $ 445,000 +29 %
Merritt $ 416,000 $ 475,000 +14 %
Ashcroft $ 367,000 $ 422,000 +15 %
Cache Creek $ 285,000 $ 324,000 +14 %
Chase $ 426,000 $ 507,000 +19 %
Clinton $ 176,000 $ 248,000 +41 %
Logan Lake $ 402,000 $ 445,000 +11 %
Lillooet $ 346,000 $ 390,000 +13 %
Sun Peaks $ 1,146,000 $ 1,647,000 +44 %

^*All data calculated based on median values.These examples demonstrate market trends for *strata residential properties (e.g. condos/townhouses)* by geographic area for select urban communities:*

*Strata Homes*
*(Condos/Townhouses)*
*By Community* *2022 Typical
Assessed Value*
as of July 1, 2021 *2023 Typical
Assessed Value*
as of July 1, 2022 *
% Change*Kelowna $ 446,000 $ 519,000 +16 %
West Kelowna $ 467,000 $ 547,000 +17 %
Penticton $ 349,000 $ 414,000 +19 %
Vernon $ 349,000 $ 399,000 +14 %
Kamloops $ 344,000 $ 408,000 +19 %
Sun Peaks $ 685,000 $ 758,000 +11 %

^*All data calculated based on median values.

BC Assessment’s website at bcassessment.ca includes more details about 2023 assessments, property information and trends such as lists of 2023’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 2023 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map.

“Property owners can find a lot of valuable 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, 2022 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Tracy 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,” adds Wall.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints.

"It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes," explains Tracy Shymko. "As noted on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes."

*Have questions?*

Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.

Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.*Media contacts:** * 
*Tracy Wall*
Thompson Okanagan Deputy Assessor (Kelowna-Okanagan Area)
BC Assessment Tel. 1.866.825.8322 Ext. 19314 / Cell: 250-826-3641
Email: tracy.wall@bcassessment.ca

*Tracy Shymko*
Thompson Okanagan Assessor (Kamloops-Thompson Area)
BC Assessment Tel. 1.866.825.8322 Ext. 23231/ Cell: 250-371-7808
Email: tracy.shymko@bcassessment.ca
                        *MEDIA BACKGROUNDER
**January 3, 2023 *

*Facts on B.C. Property Assessments and the 2023 Assessment Roll*

· Total number of properties on the 2023 Roll is 2,160,828, an almost one percent increase from 2022.· Total value of real estate on the 2023 Roll is over $2.72 trillion, an increase of nearly 12 percent from 2022.· Total amount of ‘non-market change’, including new construction, rezonings and subdivisions is approximately $33.52 billion, a decrease of almost one percent from the 2022 Roll of $33.85 billion.· In B.C., approximately 88 percent of all properties are classified with some residential (Class 1) component. This equates to $2,101,693,283,358 of the value on the total provincial roll.· Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment. Assessments are the estimate of a property’s market value as of July 1, 2022 and physical condition as of October 31, 2022. This common valuation date ensures there is an equitable property assessment base for property taxation.· 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.· Real estate sales determine a property’s value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.· BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise over $8 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.· BC Assessment’s website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to bcassessment.ca and use “Find your property assessment”. For more information on the 2023 Assessment Roll and regional and province-wide real estate market trends including lists of the province’s top valued residential properties, please visit www.bcassessment.ca and click on the “Property Information & Trends” link.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e36fac0e-8f2d-4e5c-a3bb-7466378f320e

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