There was little change in value for most Summerland properties over the past year, according to B.C. Assessment.
Assessment notices have been set to nearly 6,000 property owners in the commu
nity.
Assessments are used in calculating property taxes. The figure used is the estimate of a property’s market value as of July 1, 2010.
“Most homes in Summerland are worth about the same on this year’s assessment roll as compared to what they were on the 2010 assessment roll,” said Dan Gaudry, regional deputy assessor with B.C. Assessment.
A typical single family home in Summerland assessed at $490,000 last year would be valued at $487,000 this year.
Not all properties will show the same change in value.
The activity in the real estate market and a property’s age, size, quality, condition, view and location can all affect the value.
Gaudry said properties in town saw little fluctuation in assessed value.
In the rural areas, the increases and decreases in assessed value were more pronounced.
Lakefront properties, which had been rapidly escalating in value in past years, appear to have stabilized with a decrease of five to 10 per cent seen on some waterfront properties.
Commercial properties in the community also saw little change in value.
"What we are reporting this year in Summerland is stability," he said.
Despite the slight drop in overall assessment values, Summerland’s assessment roll increased from $2.39 billion last year to $2.4 billion this year.
The change includes approximately $10 million in new subdivision, rezoning and new construction.
Throughout the province, there are 1.9 million real estate properties on the provincial assessment roll.
This year, for the first time, the value of properties has surpassed $1 trillion.
Property owners who believe their properties are not assessed correctly or do not reflect market value should contact the B.C. Assessment office as soon as possible in January.
Until Feb. 4, temporary in-person service is available at the Service BC location at 40 Calgary Ave., Penticton, from 8:30 a.m. to 4:30 p.m.
If a property owner is still concerned, he or she may submit a Notice of Complaint (Appeal) by Jan. 31 for an independent review.
The panels are independent of B.C. Assessment and are appointed by the Ministry of Community, Sport and Cultural Development. They will meet between Feb. 1 and March 15.
The Okanagan assessment office is at 202-1500 Hardy St., Kelowna. Office hours in January are 8:30 a.m. to 5 p.m.
Raymond MAASKE
Owner/Agent
250.488.8764
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