West Kelowna can expect a 5% bump

Kelowna property owners can anticipate a six per cent increase in the value of their single family home when they receive their 2021 assessments early next month.

The agency charged with preparing and distributing the valuations – which are used among other things to determine how much municipal tax a property owner will pay next year – will send out the notices the first week of January.

The key date on such notices is July 1 of the previous year. The assessment has a valuation said to be the property’s worth on that date, based on recent sales of similar homes in the area.

Between July 1, 2019 and July 1, 2020, BC Assessment says, the typical single-family home in Kelowna rose in value by 6%.

In July 2019, the typical singlefamily home in Kelowna was said by BC Assessment to be worth $629,000. So, with a 6% increase, the July 1, 2020 valuation for the same home should be about $666,000 .

These are the likely year-overyear valuation changes for typical single-family homes in other areas of the Okanagan for which there is recent market information on the BC Assessment website:

West Kelowna, up five per cent, from $607,000 to $637,000

Lake Country, up 10%, from $627,000 to $689,000

Vernon, up 7.5%, from $463,000 to $497,700

Summerland, up 4%, $526,000 to $547,000

Penticton, up 5%, from $469,000 to $492,000

An across-the-board average increase of about five per cent in Okanagan homes would represent a change from what was seen between 2018 and 2019, when most homes were worth the same or declined slightly in value.

The owner of a typical Kelowna single-family home whose property has risen by the city average of five per cent will see a four per cent increase in their municipal taxes next summer.

If someone’s home has risen in value by more than five per cent, they will see a municipal tax hike of more than four per cent. Conversely, if the home’s value has risen by less than five per cent, their tax bill will increase by less than four per cent.

Although July 1, 2020 is the important date for valuation and tax-calculating purposes, the BC Assessment website shows that in the third-quarter of last year, from August through October, the average Kelowna single-family home continued to rise in value up, climbing 6.4% from the same period last year.

from