Residential assessments up throughout South Okanagan and Similkameen

PENTICTON – Penticton and South Okanagan residents can expect to receive their 2017 assessment notices in the coming days as property values show an increase in all communities in the region.

All municipalities in the Regional Districti of Okanagan Similkameen reported an increase in assessed value in 2017, according to a media release.

Penticton’s assessment roll is up 7.3 per cent from last year, from an average residential property assessment value of $404,400 to $434,100 in 2017.

The largest change in assessment in the last year was Summerland where values were up 11.9 per cent from $452,000 to $505,600 for the average residence.

The smallest change in assessed value reported was Princeton, which grew by 3.2 per cent from $197,200 to $203,600,

Assessment values for other regional district communities are as follows:

• Penticton (strata) – up 8.3 per cent from $228,800 to $247,800
• Keremeos – up 9.7 per cent from $233,300 to $256,000
• Oliver – up 5.6 per cent from $312,800 to $330,400
• Osoyoos – up 9.6 per cent from $371,200 to $406,700

One Summerland property made the top 100 highest assessed residential properties in the Okanagan this year, located at 903 Dent Ave. in Summerland. The property, valued at $4,575,000, placed 62nd on the list, down from 48th last year when it’s assessed value was $4,398,000.

A second Summerland property located at 7805 Oak Ave., which placed 84 and was listed at $3,811,000 in 2016, failed to make the top 100 this year.

B.C. Assessment reports an increase of $9 billion in assessment value in the Okanagan this year, with a total of $1.7 billion coming from new construction, subdivisions and property rezoning.

The largest increases in assessed value came from properties in Kelowna and the Central Okanagan.

Property owners who feel their assessment is incorrect have until Jan. 31 to file an appeal which will result in a review of the assessment by an independent property assessment review panel.

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