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Bottom line is your home is worth a little less.
In Kelowna that means the assessed value of a single-family home was $953,000 on July 1, 2023, down 3% from the assessed value of $987,000 a year earlier.
These figures are from the BC Assessment Authority summary released today as assessment notices were mailed out to every property owner in the province.
A typical single-family home in Kelowna had an assessed value of $953,000 as of July 1, 2023, according to BC Assessment Authority figures released today.
"It's interesting this year," said Boris Warkentin, deputy assessor for the Southern Interior for BC Assessment Authority.
"It's a different marketplace. The market has stabilized and assessed values for a typical single-family home went down an average of 3%, a condominium or townhouse down an average of one percent."
That's a drastic difference from 2023 property assessments that saw a 14% increase and 2022's 34% skyrocket, as the housing market boomed post-pandemic.
Inflation and higher mortgage interest rates have since cooled the real estate market, resulting in the 3% shrinkage in value we're seeing right now.
So, to recap, the typical assessed value of a single-family home in Kelowna as of July 1, 2020 was $650,000, as of July 1, 2021 $869,000, July 1, 2022 $987,000 and July 1, 2023 $953,000.
"As in past years, I imagine 98% of our assessments will go unchallenged," explained Warkentin.
"We have a very high acceptance rate because of the quality and accuracy of our assessments."
Since the assessment you'll receive this week in the mail reflects the value of your home as of July 1, 2023, the actual worth of your home could be a little different today.
However, the market has remained stable over the past six month, meaning the July 1, 2023 assessment is probably spot on today's value, too.
But, there can be variations and if you put your house up for sale, you might get more, or less, than the assessed value depending on market conditions, realtor negotiations and if our home is less than typical in some aspects or has been renovated to be worth more than typical.
If your assessment comes in at around the minus 3% that's typical in Kelowna, that doesn't mean your property taxes will go down 3%.
If your assessment is on trend with the rest of Kelowna, your property taxes are likely to go up 4.75%, which is the tentative increase the City of Kelowna set late last year.
BC Assessment is completely separate from municipalities that set tax rates, but municipalities do use assessments to determine taxes.
Below you can see the full list of typical assessments for single-family homes and strata units in the Southern Interior.
You can also go to www.bcassessment.ca and put in your address to see your latest assessment.
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