The total assessment roll value in the Town of Oliver has increased by 10.7 per cent in 2019 to reach in excess of $1 billion, according to BC Assessment.
Thompson Okanagan assessor Katrina LeNoury said the typical increase in the Okanagan Valley is between zero and plus 15 per cent (compared to last year). But the vast majority of valley communities are in the plus seven to plus 10 per cent range, she noted, adding that Oliver is right in the middle.
In 2018 the average assessed value of a single residential property in Oliver was $352,000. That has jumped to $381,000 in 2019 (an increase of plus eight per cent).
• Read more: Many homeowners to see assessment increase (2017)
In Osoyoos, the average assessment last year was $382,000. This year it’s $414,000, representing the same plus eight per cent increase.
“What may be of interest is that the number of properties in the municipality (of Oliver) increased from 2,572 to 2,609 in 2019,” LeNoury pointed out.
She said local communities and individual housing may experience changes greater or lesser than the average, as market values are based on demand and conditions.
Overall, the Okanagan’s total assessments increased from approximately $108 billion in 2018 to $118.6 billion this year. A total of $2.5 billion represents new construction, subdivisions and rezoning of properties.
The total value of B.C. real estate on the 2019 assessment roll is more than a whopping $1.99 trillion.
LeNoury encourages homeowners to access the BC Assessment website (www.bcassessment.ca) for a wealth of information about properties and comparable sales in the area.
She pointed out that an increase in assessment does not automatically translate to a corresponding increase in property taxes.
Property owners with questions about their property or assessment are encouraged to call 1-866-825-8322.
If someone is interested in filing an assessment appeal, he or she must submit the appeal letter on or before Jan. 31.