The value of properties across the Thompson-Okanagan has risen by 15 per cent over the past 12 months, according to BC Assessment.
In individual communities, the assessed value rose anywhere from nine per cent (Peachland and Coldstream) to 44 per cent (Sun Peaks) for a single family home. Condo/townhouses saw increases ranging from 11 per cent (Sun Peaks) to 19 per cent (Kamloops and Penticton).
Figures reflect market values as of July 1, 2022, which is of course was a much different real estate market than today.
Those numbers, compared with your individual property assessment will determine whether you will pay more, or less in municipal taxes than you did last year.
The average year-over-year increase for detached homes in major cities across the region include 14 per cent in Kelowna and Penticton, 13 per cent in West Kelowna, 11 per cent in Vernon and Kamloops.
Click here for a list of averages in communities across the entire Thompson-Okanagan.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” said BC Assessment Thompson region area assessor Tracy Shymko.
“As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.
BC Assessment made individual 2023 property assessments available late last month. You can search the database here.
The most expensive single family homes are at Sun Peaks, where the typical home was assessed at $1.6 million. The least expensive is in Clinton, with an average assessed value of $248,000.
Kelowna, with a typical assessed value at $988,000, overtook Lake Country for the second most expensive market in the region.
Sun Peaks also has the most expensive assessed condo or townhouse value at $758,000, ahead of West Kelowna ($547,000) and Kelowna ($519,000).
Across the region, the number of properties assessed rose one per cent to more than 288,900, while the value of new construction alone was $4 billion.
