Home assessments in the mail

By Okanagan Saturday Staff Saturday, December 30, 2006 http://www.kelownadailycourier.ca/article_4090.php
Okanagan property owners will find out beginning Tuesday how much their home or business is worth for taxation purposes.Assessment notices are in the mail, with delivery to most residents expected by the end of the week.Individual notices are the estimation of the property’s market value as of July 1, 2006. Employees of the B.C. Assessment Authority derive the figure principally by looking at what similar homes in the neighbourhood sold for around that date.They also consider characteristics such as size, age, quality, condition and other features that would be important to buyers.Assessors used to visit a typical home once every five to 10 years to make an on-site inspection of any changes that might have affected its value.Now, they increasingly rely on sales listings, self-reports from homeowners chosen at random and official information such as building permits that would be necessary for renovations.Kelowna city council has received preliminary information from B.C. Assessment that home values have increased about 20 per cent from last year.During recent budget debates, the proposed municipal tax increase has been set at three per cent in Kelowna, five per cent in Penticton and seven per cent in Vernon. Assessments for a typical Kelowna home rose 18 per cent between 2004-05, and 25 per cent between 2003-04.