Property Values Remain Stable for 2012

More than 67,000 property owners throughout the South Okanagan region can expect to receive their 2012 assessment notices in the next few days. “Most homes in the South Okanagan are remaining stable with some communities rising slightly and others decreasing slightly in value compared to last year.s assessment roll,” said Tracy Wall, Deputy Assessor. “Most home owners in South Okanagan will see modest changes in the -5% to +5% range.”

Overall, the South Okanagan.s Assessment Roll decreased from $20,482,679,697 last year to $19,961,549,483 this year. The 2012 assessment roll includes almost $226,303,000 for new construction, subdivisions, and rezoning.

The examples below demonstrate local market trends for residential properties by a geographic area; trends are affected by many variables.

The first figure below is the 2011 figure followed by the new 2012 assessment on an average home in each named jurisdiction:

Penticton $399,000 dropping to $394,000

Penticton (strata) $250,000 dropping to $231,000

Summerland $444,000 down to $443,000

Keremeos $258,000 dropping to $248,000

Oliver $303,000 increasing to $314,000

Osoyoos $398,000 increasing to $401,000