Homeowners see lower values

Homeowners see lower values

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South Okanagan homeowners, including those in Oliver, will see lower property assessment values this year.
According to BC Assessment, the average assessed value of a residential property in Oliver last year was $312,000, compared to $304,000 this year.
In Osoyoos, assessments have dropped from $399,000 to $371,000.
However, deputy assessor Tracy Wall said most homes in the South Okanagan are remaining stable in value compared to last year’s assessment roll. “Most homeowners in the South Okanagan will see modest changes in the minus five per cent to plus five per cent range.”
Wall cited the same rates for most commercial and industrial properties.
Overall, the South Okanagan’s assessment roll decreased from $20.2 billion last year to $19.7 billion this year.
Changes in property assessments reflect movement in the local real estate market and can vary greatly. When estimating a property’s market value, appraisers analyze current sales in the area as well as other characteristics such as size, age, condition, view and location.
The total value of real estate in BC in 2013 is $1.1 trillion, a 2.3 per cent increase from 2012.
Karen Amos, realtor/owner of Amos Realty, said people have to remember that these assessments are done from July 1, 2012, approximately six months ago.
“There was a market drop from July 2011 to July 2012 due to the previous year inventory that had not been sold yet. Also, during that time there were several distress sales and that impacted the pricing at the time.”
But Amos said the good news is – as of November both Oliver and Osoyoos had a year-to-date increase in sales.
Property owners who believe their assessment does not reflect market value as of July 1, 2012 should contact the BC Assessment office at 1-866-825-8322. Or visit www.bcassessment.ca

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