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 2022 property assessment notice:
With property assessments notices issued by BC Assessment now delivered to Penticton home and business owners, the City of Penticton is reminding residents to consider the following things when reviewing their notice.
- A BC Assessment property assessment increase does not necessarily result in equivalent higher property taxes - property assessments are only one part of what the City uses to calculate municipal property tax rates each year.
- Every fall the city sets their budget for the upcoming year, including the amount of revenue they will collect through property taxes. This amount is fixed and does not change because of assessed value changes.
- Property assessment values may go up or down but the city-wide total property taxes collected will always equal the amount budgeted for.
- If a residential property has experienced the average residential market change of 28.20%, they will experience the average municipal tax increase outlined in the 2022 budget deliberations of 5.70%. If a residential property has experienced a higher than average residential market change that property will incur a tax increase higher than the municipal increase of 5.70%. If a residential property has experienced a lower than average residential market change that property will incur a tax increase lower than the municipal increase of 5.70%.
- Property owners who feel their property assessment does not reflect market value as of July 1, 2021 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, 2022 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.