What does your 2018 property assessment mean for your tax bill?
OK, so you have opened your mailbox this week and there is your 2018 BC Assessment for your property, what does that number mean for you?
Well, it is the number that your 2018 property taxes will be based upon to calculate how much you must pay to your local municipal government in property taxes.
Most likely, if you live in the Central Okanagan, you will have seen this assessment number rise. So, come May, when your property taxes bill is sent out to you, that number may also rise compared with your last year’s taxes.
“The majority of residential home owners within the region can expect an increase in value ranging from 0% to 30%, compared to last year’s assessment,” Deputy Assessor Tracy Wall said. “The highest increases are in the Central Okanagan with the City of Kelowna being at the peak.”
On average, in Kelowna the assessed value of Single Family Dwellings has risen 11.1%. For Strata properties, the assessed value has risen an average of 14.2%. That’s quite an increase and the BC assessment office is saying that this is the biggest increase in Kelowna for many years. Some are saying that this is the biggest jump in a decade.
Blame it on the price of homes going up due to increased demand. That demand sparked partly by increased sales in the lower Mainland with those sellers moving to the Central Okanagan.
The city of Kelowna is set to increase its projected tax revenue by 3.6 per cent this year. Homeowners who have their assessments rise by the citywide average should see their property taxes rise by approximately this amount. Homeowners whose property assessment values have increased by more will most probably see their property tax bill rise and those whose assessments rose less than the citywide average could possibly see a smaller tax increase or maybe even a drop.
We will have to wait until May when our property tax bill is sent out to us. Watch for it and remember to pay your property taxes BEFORE the deadline, usually July 4th, to avoid any penalties or interest! You don’t want to be paying more!
Need more information or have questions, call Stone Sisters Group 250-899-6433