Waterfront property values down in Central Okanagan

Some important information for home owners is in the mail.

More than 80,000 property owners in the Central Okanagan can expect to receive their 2011 assessment notice in the next few days.

For those with waterfront property, the notice brings the bad news that property values have dropped.

Property values in Glenmore and Rutland also dipped, but the value of homes in the Mission increased.

“The assessments of most homes in Kelowna on this year’s assessment roll have not changed significantly from the 2010 assessment roll,” says Dan Gaudry, Regional Deputy Assessor.

“Most homeowners in Kelowna will see modest changes in the -5 to +5 per cent range.”

Overall, the Central Okanagan assessment roll increased from $39.1 billion last year to $39.8 billion this year.

This increase of about $700 million reflects changing market values for many properties but also includes subdivisions, rezoning and new construction.

For the first time in British Columbia’s history, the total value of all 1.9 million real estate properties on the provincial assessment roll has surpassed $1 trillion.

The examples below demonstrate local market trends for properties by geographic area. These trends are affected by many variables.

Central Okanagan 2011 Assessment Roll
Glenmore – Single Family – $390,000
Rutland – Single Family – $350,000
Upper Mission – Single Family – $578,000
Kelowna – Single Family Waterfront – $2,308,000
Winfield – Single Family – $369,000
Lakeview Heights West Kelowna – SFD – $460,000
Peachland – Single Family – $408,000
Kelowna – Strata – $252,000

Assessments are the estimate of a property’s market value as of July 1, 2010.

This common valuation date ensures there is an equitable property assessment base for property taxation.

“Property owners who feel that their property assessment does not reflect market value as of July 1, 2010 or see incorrect information on their notice should contact the BC Assessment office indicated on their notice as soon as possible in January.”

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.

Copies of neighbourhood assessments are also available at local area offices and most municipal halls and government agent’s offices across the province
“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 31, for an independent review by a Property Assessment Review Panel.”

The Okanagan assessment office is located at suite 202 – 1500 Hardy Street in Kelowna. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. You can reach them by phone at 250-763-8300

Castanet Staff Jan 6, 2011

Pam Martin, Invis, Mortgage Broker, Best Mortgage Rates, Kelowna,Vernon, Penticton, Okanagan, British Columbia, Canada