Land Values

In line with a province-wide trend, Penticton property prices experienced unprecedented growth between 2005 to mid-2008, however increases in prices have since moderated, largely due to the country-wide economic downturn. In response to the rapid decline in property values in the latter part of 2008, the provincial government passed legislation in November 2008 which provides for special valuation rules for the purpose of the 2009 property taxation only. Under these rules the lower of either the 2009 property valuation or the July 1, 2008 valuation will be used for the 2009 assessment roll.

Penticton Assessed Property Values

Assessment Value ($ Billions)
Year No. of Properties* Land Improvements Total
2002 13,966 1.001 1.414 2.415
2003 14,016 1.022 1.513 2.535
2004 14,189 1.142 1.678 2.820
2005 14,406 1.430 1.941 3.371
2006 14,553 1.722 2.280 4.002
2007 14,870 2.449 2.632 5.081
2008 15,038 3.188 2.937 6.125
2009 15,272 3.231 3.059 6.290

* Includes all property classes. Source: BC Assessment Authority

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