Property assessments are available

[Jonrox]

For those interested, property assessments are out now. From what I can see, most homes in Kelowna saw an increase of about 15%.

https://www.bcassessment.ca/

[one wheel]

Why do we pay this out to lunch bunch ? Property prices basically peaked in March of 2022 & yet BC Assessments ignored the warning signs & increased the value of most homes as if the rampage would continue forever ?
Owners didn't mind their assessments going up while bidding wars put prices into the stratosphere but now that interest rates have climbed it's all reversed & the statement that Assessor Bryan Murao made 'that more than 98%of owners accept their assessment' will be dead wrong come this year at tax time ?
I think the number of people who will be contesting these new assessments in a falling market is going to swamp every BC Assessment Office ?

[northglenmore2012]

You realize, I hope, that these assessed values are from July 22. It's the same thing every year. Moaning and the groaning

[cv23]

You realize, I hope, that these assessed values are from July 22. It's the same thing every year. Moaning and the groaning

Moaning and groaning about absolutely nothing.
Assessed value has little if anything to do with actual value. Assessed values are strictly to do with the properties share of municipal operation costs(taxes). A properties assessed value could double from one year to the next but if the municipality passes a zero increase budget the taxes due will not change from the previous year.

[normaM]

Also depends on what sold in your area.. so if mainly ranchers, ranchers go up, mainly 2 stories then they go up in assessments

[BC Landlord]

Why do we pay this out to lunch bunch ? Property prices basically peaked in March of 2022 & yet BC Assessments ignored the warning signs & increased the value of most homes as if the rampage would continue forever ?
Owners didn't mind their assessments going up while bidding wars put prices into the stratosphere but now that interest rates have climbed it's all reversed & the statement that Assessor Bryan Murao made 'that more than 98%of owners accept their assessment' will be dead wrong come this year at tax time ?

Property values are assessed every July 1st. There are no conspiracies here.

I think the number of people who will be contesting these new assessments in a falling market is going to swamp every BC Assessment Office ?

The thing is, the market is not falling, just slowing down. The December's stats are due any day from now, but I don't expect any significant changes in the benchmark price. Probably hovering around 0-5% up, which is still healthy.

[DoDo1975]

The thing is, the market is not falling, just slowing down. The December's stats are due any day from now, but I don't expect any significant changes in the benchmark price. Probably hovering around 0-5% up, which is still healthy.

Except already way down from peak. *removed*

It's a slow moving train wreck like all slow moving train wrecks, but there is no permanently high plateau with 70% affordability and a population totally unable to qualify to purchase the biggest dives in the worst neighbourhoods.

Understand what sustainability looks like? It is not my laughable asseessment of almost 3 times what I bought for 12 years ago. If I could get that I would be selling tomorrow.

[BC Landlord]

Except already way down from peak.

Short term peaks and troughs are irrelevant in this market. What's important here is the trend. And that can't be determined based on a few months span.

[DoDo1975]

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[BC Landlord]

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[DoDo1975]

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[BC Landlord]

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[Glacier]

My house is up just over 15%, which is higher than all other houses on my street. But I see most of the increase is due to land value and my house is on the biggest lot

[BC Landlord]

My house is up just over 15%, ...

Same here. And make no mistake, no listing price would go bellow the assessment value.

[DoDo1975]

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