During the first week of January each year, BC Assessment sends property assessment notices to property owners across Penticton. Having received their notice, property owners should review the information provided and, if they have concerns, contact BC Assessment before the deadline of January 31.
What to consider when reviewing your 2021 property assessment notice:
- Property assessment is one element that is used when the City calculates its property taxes each year.
- Valuation for Single Family Homes has increased by 2%, and valuation for Strata Homes has increased by 1%. Generally speaking, this appears to indicate an increased desirability of Single Family Homes in our community.
- The average residential taxable value is $453,830 per the 2021 Completed Roll. This value often changes when the Revised Roll is released in early April, once appeals and corrections take place and are incorporated.
- Because the City of Penticton uses a revenue neutral approach in property tax rate setting, fluctuations in the market of each property class are stabilized. This means if a residential property has experienced the average residential market change of 1.05%, they will experience the average municipal tax increase outlined in the 2021 budget deliberations of 1.75%.
- Property owners who feel their property assessment does not reflect market value as of July 1, 2020 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January to ensure they meet the January 31, 2021 deadline.
- BC Assessment provides a wealth of assessment information for those who want to learn more about the valuation of their property on bcassessment.ca. The toll free phone number for property-related inquiries is 1-866-825-8322.