Typical assessed worth of Kelowna house is 0Ok

The 2021 property assessment you’ll get in the mail in the next few days will likely show your house is worth about 3% more and your property taxes will go up 4.2%.

“Assessment and taxation are two separate things and are a complicated relationship,” said City of Kelowna revenue supervisor Angie Schumacher.

That’s why a 3% assessment jump doesn’t directly translate to a 3% property tax hike, but is instead used as a basis for determining tax rates.

BC Assessment figures show the 2021 typical assessed value of a fully-detached, single-family home in Kelowna is $650,000, up 3% from $629,000 a year before.

</who>Kelowna property tax on a home assessed at $650,000 is estimated to be $3,469 this year, up $140 or 4.2% from last year.” src=”https://news.google.com/files/files/images/assessed%20house. jpeg”/></p> <p>The 2021 typical assessed value of a strata home (condominium and townhouse) in Kelowna is $372,000, up 2% from $364,000.</p> <p>Those values ​​are based on assessments made July 1.</p> <p>That’s six months ago and the Kelowna real estate market has been hot that entire time, meaning values ​​have gone up.</p> <p>As well, market value, or what you can sell your house for, tends to be higher than assessed value.</p> <p>For instance, statistics from the Okanagan Mainline Real Estate Board show the average selling price of a fully-detached, single-family home in the Central Okanagan was $857,000 in November, much higher than the typical assessed value of $650,000.</p> <p>Board numbers put the average selling prices of condos and townhouses in November at $361,100 and $583,900, whereas BC Assessment lumps the two into the strata category with a typical value of $372,000.</p> <p>“Market value and assessed value are different, but they are linked,” said Thompson Okanagan deputy assessor Tracy Wall.</p> <p>“The market is very fluid and we saw that in 2020. I’ve been doing this job a long time and it was definitely an interesting year. The market came to a standstill when COVID first hit in March and April, but has rebounded and grown quickly since then.”</p> <p>The property tax estimator tool on the City of Kelowna’s website shows a home assessed at $650,000 will likely generate a tax bill of $3,469 at the end of May, which will have to be paid by July 2.</p> <p>That’s a tax increase of 4.2% based on the 2020 bill for a home assessed at $629,000 coming in at $3,329.</p> </p> <p>2021 typical assessed values ​​for single-family homes in other Thompson Okanagan communities are as follows, with the percentage increase from last year in brackets: West Kelowna $632,000 (4%), Lake Country $673,000 (7%), Peachland $590,000 (3%) , Kamloops $488,000 (6%), Vernon $479,000 (3%), Penticton $479,000 (2%), Summerland $517,000 (down 2%), Osoyoos $433,000 (1%), Oliver $416,000 (7%) and Coldstream $606,000 (4%) .</p> <p>BC Assessment’s annual release also includes lists of the top-valued homes in the Thompson Okanagan and all of BC.<br />Locally, the waterfront home on 1.3 acres at 12990 Pixton Rd. in Lake Country was assessed at $10.7 million.BC Assessment’s annual release also includes lists of the top-valued homes in the Thompson Okanagan and all of BC.</p> <p>An internet search shows it’s a 13,178-square-foot, five-bedroom, seven-bathroom estate with pool and beach.</p> <p>According to Redfin.ca, it was purchased by the current owner in August 2019 for $12 million.</p> <p>In all of BC, the biggest assessment of $66.8 million was for the mansion at 3085 Point Gray Rd. in Vancouver’s tony Kitsilano neighborhood.</p> <p>It’s owned by Lululemon founder Chip Wilson and has seven bedrooms, nine bathrooms, grassed courtyard, tennis court and swimming pool.</p> <p></p> <p style=

Support local journalism by clicking here to make a one-time contribution or by subscribing for a small monthly fee. We appreciate your consideration and any contribution you can provide.

RELATED ARTICLESMORE FROM AUTHOR