Subject: ECONOMIC NEWS/TRENDS/ANALYSIS
Thompson Okanagan 2020 Property Assessments in the Mail
KELOWNA, British Columbia, Jan. 02, 2020 (GLOBE NEWSWIRE) -- In the next few days, owners of more than 280,800 properties throughout the Thompson Okanagan can expect to receive their 2020 assessment notices, which reflect market value as of July 1, 2019.
"For the Okanagan region, the majority of home owners can expect to see stable values with slight changes from last year," says Okanagan area Deputy Assessor Tracy Wall. "Commercial and industrial properties have shown increases, especially in the North Okanagan."
"Throughout the Thompson, the majority of home owners can expect an increase in value compared to last year," adds Thompson area Deputy Assessor Tracy Shymko. "Comparing July 2018 and July 2019, home values have risen consistently for most of Kamloops and the Thompson with a few communities seeing increases slightly higher than others, especially in Clinton, Lillooet, Ashcroft and Lytton."
As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates the Thompson Okanagan's estimated range of percentage changes to 2020 assessment values by property type compared to 2019. Please note property assessments may vary by jurisdiction or municipality within the region.
| Property Type | Kelowna/Okanagan areas 2020 Assessments Range of % Changes in Value (as of July 1, 2019) | Kamloops/Thompson areas 2020 Assessments Range of % Changes in Value (as of July 1, 2019) |
| Residential Single Detached Homes | -5% to +10% | -5% to +20% |
| Residential Strata Units (e.g. condominiums) | -10% to +10% | 0% to +15% |
| Commercial | -5% to +15% | -5% to +25% |
| Industrial | -5% to +20% | -15% to +20% |
Overall, the Thompson Okanagan's total assessments increased from about $147.7 billion in 2019 to $153.1 billion this year. A total of about $2.7 billion of the region's updated assessments is from new construction, subdivisions and 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 provides estimates of typical 2019 versus 2020 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 | 2019 Typical Assessed Value as of July 1, 2018 | 2020 Typical Assessed Value as of July 1, 2019 | % Change | |||
| City of Kelowna | $643,000 | $629,000 | -2 | % | ||
| West Kelowna | $614,000 | $607,000 | -1 | % | ||
| Lake Country | $619,000 | $627,000 | +1 | % | ||
| Penticton | $481,000 | $469,000 | -3 | % | ||
| Summerland | $517,000 | $526,000 | +2 | % | ||
| Keremeos | $270,000 | $275,000 | +2 | % | ||
| Oliver | $381,000 | $389,000 | +2 | % | ||
| Osoyoos | $413,000 | $430,000 | +4 | % | ||
| Princeton | $197,000 | $215,000 | +9 | % | ||
| Peachland | $ 582,000 | $574,000 | -1 | % | ||
| Armstrong | $384,000 | $400,000 | +4 | % | ||
| Enderby | $300,000 | $304,000 | +1 | % | ||
| Vernon | $447,000 | $463,000 | +4 | % | ||
| Coldstream | $590,000 | $581,000 | -2 | % | ||
| Salmon Arm | $401,000 | $413,000 | +3 | % | ||
| Spallumcheen | $364,000 | $345,000 | -5 | % | ||
| Sicamous | $294,000 | $298,000 | +1 | % | ||
| Lumby | $323,000 | $340,000 | +5 | % | ||
| City of Kamloops | $431,000 | $461,000 | +7 | % | ||
| Barriere | $221,000 | $246,000 | +11 | % | ||
| Clearwater | $230,000 | $243,000 | +5 | % | ||
| Merritt | $266,000 | $289,000 | +9 | % | ||
| Ashcroft | $222,000 | $261,000 | +17 | % | ||
| Cache Creek | $163,000 | $181,000 | +11 | % | ||
| Chase | $286,000 | $305,000 | +7 | % | ||
| Clinton | $120,000 | $150,000 | +25 | % | ||
| Logan Lake | $230,000 | $245,000 | +7 | % | ||
| Lillooet | $215,000 | $257,000 | +20 | % | ||
| Lytton | $138,000 | $160,000 | +17 | % | ||
| Sun Peaks | $847,000 | $829,000 | -2 | % | ||
These examples demonstrate market trends for strata residential properties (e.g. condominiums) by geographic area for select urban communities:
| Strata Homes By Community | 2019 Typical Assessed Value as of July 1, 2018 | 2020 Typical Assessed Value as of July 1, 2019 | % Change | |||
| Kelowna | $370,000 | $364,000 | -2 | % | ||
| West Kelowna | $402,000 | $387,000 | -4 | % | ||
| Penticton | $281,000 | $287,000 | +2 | % | ||
| Vernon | $275,000 | $285,000 | +4 | % | ||
| Kamloops | $248,000 | $269,000 | +8 | % | ||
BC Assessment's website at bcassessment.ca includes more details about 2019 assessments, property information and trends such as lists of 2019'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 2020 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. New for 2020, the website is fully mobile-friendly.
"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, 2019 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 Ministry of Municipal Affairs and Housing, 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, office hours 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
BC Assessment
Tel. 1.866.825.8322 Ext. 19314
Email: [email protected]
MEDIA BACKGROUNDER
January 2, 2020
Facts on B.C. Property Assessments and the 2020 Assessment Roll
- Total number of properties on the 2020 Roll is 2,091,135, an approximate 1.06% increase from 2019.
- Total value of real estate on the 2020 Roll is about $1.94 trillion, a decrease of nearly -2.5% from 2019.
- Total amount of ?non-market change', including new construction, rezonings and subdivisions is approximately $27.1 billion, a decrease of almost -8.63% from the 2019 revised roll of $29.6 billion.
- In B.C., approximately 88% of all properties are classified with some residential (Class 1) component. This equates to $1,462,895,234,775 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, 2019 and physical condition as of October 31, 2019. 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 2020 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.
PDFs are available at:
http://ml.globenewswire.com/Resource/Download/328ce117-3c87-4980-b15d-93e29216631e
http://ml.globenewswire.com/Resource/Download/e6195b91-ee24-473c-9a12-40055452866f
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