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Peachland

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January 6, 2012 Peachland, BC Volume 08 | Number 1

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Property assessments drop by 1.5 per cent in Peachland by Dave Preston Property assessment notices will be arriving in mailboxes across British Columbia this week and homeowners in Peachland will generally find the assessed value of their homes has dropped. More than 81,000 assessment notices were mailed this week in the Central Okanagan, according to BC Assessment. “Most homes in the Central Okanagan are remaining stable in value compared to last year’s assessment roll,” said Tracy Wall, deputy assessor. “Most homeowners in the Central Okanagan will see modest changes in the -5 per cent to 0 per cent range,” said Wall. On average, Peachland homes dropped in value by $7,000, from an average assessment of $456,000 last year to $449,000 this year, representing a 1.5 per cent decrease. Average assessed values of homes dropped in every location in the Central Okanagan except in Lake Country, according to BC Assessment. Here’s a look at changes in average assessments by geographic area: * Kelowna: $7,000 drop (1.4%) from $511,000 in 2011 to $504,000 in 2012; * Kelowna strata: $18,000 drop (7%) from $258,000 in 2011 to $240,000 in 2012; * Peachland: $7,000 drop (1.5%) from $456,000 in 2011 to $449,000 in 2012; * Lake Country: $2,000 increase (0.4%) from $520,000 in 2011 to $522,000 in 2012; * West Kelowna: $16,000 drop (3.1%) from $509,000 in 2011 to $493,000 in 2012. Owners of commercial and industrial properties in the Central Okanagan will see changes in assessments from 0 per cent to 15 per cent increases, according to BC Assessment. Overall, the Central Okanagan’s Assessment Roll decreased from $41.1 billion last year to $40.7 billion this year. The 2012 assessment roll includes over $663 million in new construction, subdivisions and rezoning. Property assessments are used by municipalities and other taxing authorities to calculate the share of property taxes each property owner will pay each year. The province has also adjusted the threshold for the homeowners’ grant. Property owners who own homes worth up to $1.285 million may be eligible to receive the entire homeowners’ grant this year, according to the Ministry of Finance. The homeowner grant provides a maximum reduction in residential taxes of $770 outside the Victoria, Greater Vancouver and Fraser Valley regional districts. An additional $275 grant is available to those aged

New Year kicked off with run Teghan Anderson was one of 23 participants in the New Years Day beach run Sunday, sponsored by the Peachland Recreation Department. The run was the first of two events that day, with the ever popular Polar Bear Swim attracting hundreds to Swim Bay. See Page 3 for a story and photos of the swim. Dave Preston photo

65 or older, those who are permanently disabled or a veteran of certain wars. “We continue to see challenging economic times around the world,” said Finance Minister Kevin Falcon. “By maintaining the homeowner grant, we continue to help families with the costs of owning their homes.” Homeowner grants are not automatic and must be applied for each year. “Property owners who feel that their property assessment does not reflect market value as of July 1, 2011 or see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January,” said Wall. “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 January 31, for an independent review by a Property Assessment Review Panel,” added Wall.

CONGRATULATIONS This month’s lucky winner is Juanita, who was thrilled to pick out a $50.00 gift certificate from the Gasthaus and a $50.00 gift certificate from Petro Canada. 5878C Beach Avenue, Peachland, BC

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