According to BC Assessment the increased real estate activity we've seen in 2016 will equate to significant increases in both residential and commercial assessments.
Tracey Wall, deputy assessor with the Thompson Okanagan, stated “increases of 5 - 20% will be typical for single-family homes in Kelowna, West Kelowna, Westbank and Lake Country. Typical strata residential increases will be in the 5 - 30% range."
BC Assessment estimates the market value of properties annually on July 1 by analyzing current sales, the size, age, quality, condition, view and location of a specific property. While increases in your property assessments do not automatically translate into a corresponding increase in property taxes or selling price it is definitely factor to take into consideration.
If you are thinking of buying or selling be sure to talk to the experts at the Grant Waidman Group to learn more on how this may affect you.
FYI: The BC Assessment website will be updated Jan. 3, however, courtesy letters are being sent this month to property owners whose assessments are increasing significantly more than the typical range of change. Be sure to watch your mail!