Like most communities in the North Okanagan-Shuswap, property values in Salmon Arm and Sicamous are decreasing.
The B.C. Assessment Authority lists Salmon Arm and Sicamous as part of its North Okanagan region.
“Most homes in the North Okanagan are worth less in value compared to last year’s assessment roll,” stated Tracy Wall, deputy assessor, in a news release. “Most homeowners in the North Okanagan will see modest changes in the zero to 10 per cent range.”
Overall, the North Okanagan’s assessment roll decreased from about $28 billion last year to $27.5 billion this year. The 2012 assessment roll includes more than $309 million for new construction, subdivisions and rezoning.
A property in Salmon Arm valued as of July 1, 2010 at $342,000 on the 2011 assessment roll, went down to $336,000 on the 2012 roll. In Sicamous, a $364,000 property dropped to $351,000. The assessment authority notes that market trends are affected by many variables.
All communities experienced drops, except for Vernon stratas, which stayed at $195,000. No strata figures were provided for Sicamous or Salmon Arm.
Local market trends from the 2011 to the 2012 assessment roll for other individual communities were as follows: • Armstrong – $317,000 to 310,000; • Enderby – $268,000 to $253,000; • Revelstoke – $364,000 to $333,000; • Vernon – $395,000 to $390,000; Coldstream – $500,000 to $493,000; • Spallumcheen – $353,000 to $347,000; and • Lumby – $266,000 to $252,000.
Owners of commercial and industrial properties in the North Okanagan are seeing changes ranging from minus 10 per cent to plus 10 per cent.
If a property owner thinks their property assessment does not reflect market value as of July 1, 2011 or sees incorrect information on their notice, they should contact the regional assessment office as soon as possible in January.
“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 Jan. 31, for an independent review by a Property Assessment Review Panel,” stated Wall.
The Property Assessment Review Panels meet between Feb. 1 and March 15 to hear formal complaints.
The Okanagan Regional assessment office is located at 202-1500 Hardy St. in Kelowna. During January, office hours are 8:30 a.m. to 5:00 p.m. Monday to Friday. Phone 250-763-8300 or call toll free at 1-800-990-1192.
For more information, go online to www.bcassessment.ca.