For those of you who may not know, the B.C. Assessment Authority released its 2014 assessment rolls on Thursday, January 2nd 2014. That means that homeowners throughout the province, including the Central Okanagan where there are over 83,000 property owners, will be receiving their assessment notices over the next little while.

The numbers show a small dip in the average Okanagan property value, meaning that property owners in the area may find a slight decrease in their property’s assessed value in comparison to last year’s numbers. However, such a small change is not cause for concern, as, generally speaking, values are holding steady. Tracy Wall, Deputy Assessor with B.C. Assessment Okanagan explains via a B.C. Assessment news release, “Most homes in the Central Okanagan are remaining stable in value compared to last year’s assessment roll… Most home owners in the Central Okanagan will see modest changes in the + 5% to -5% range.”   

Wall also stated, “Property owners who feel that their property assessment does not reflect market value as of July 1, 2013 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January.” She continued, “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.”

People that own industrial or commercial property can expect to see 2014’s assessment showing a +10 to -5% change over 2013’s figures.

You can get more information by visiting the B.C. Assessment Authority website at www.bcassessment.ca