What Your 2026 BC Property Assessment Notice Really Means, Why Assessed Value ≠ Current Market Value (And What It Means for Your Tax Bill in Kelowna)

If you opened your 2026 BC Assessment Notice this January and thought, “Wait, is my home really worth less?”, you are not alone.

I have heard from many Kelowna homeowners who are seeing assessed values that are flat, slightly up, or even down, sometimes enough to feel unsettling. Here’s the important part: your 2026 assessed value is not a real-time price tag for today’s market. It is a snapshot of a past point in time, and it can lag what buyers are willing to pay right now.

Let’s break down what the notice actually means, why it can look “off,” and what (if anything) you should do next.

1) What the 2026 BC Assessment Notice is

BC Assessment is the provincial organization responsible for assessing properties across British Columbia for taxation purposes, and those assessments are used by municipalities and other taxing authorities to help calculate property taxes.

Your 2026 assessment value reflects an estimate of market value as of July 1, 2025 (with property condition generally based on information as of late October).

That timing is the first “aha” moment for most homeowners.

Many people read the assessed value and assume it is what their home would sell for today. In reality, it is closer to a mid-2025 snapshot, not a live reading of the current market.

2) Assessed value vs. real market value: what’s the difference?

Assessed value

Your assessed value is BC Assessment’s estimate, created using property data, comparable sales, and mass appraisal methods anchored to the valuation date. It is not an in-person appraisal for your specific home.

Market value

Market value is what a willing buyer and willing seller agree on today, in today’s conditions, with today’s competition, interest rates, and buyer sentiment.

The key nuance

Because assessments rely on sales data and standardized models tied to a fixed date, they can lag the market, especially when conditions shift after the valuation date.

3) Why the 2026 notice might look surprising

BC Assessment released the 2026 numbers on January 2, 2026, but the values are based on July 1, 2025 market conditions.

That creates a common scenario:

• Your notice shows “down,” but you have watched your neighbourhood feel stable later in 2025
• You see a difference between your number and what similar homes have sold for more recently
• A neighbouring home has a different percentage change than yours, even if you feel the properties are similar

All of that can happen because assessments are anchored to sales patterns leading up to July 1, 2025, plus the specific mix of comparable sales BC Assessment had available for your area and property type.

4) What the 2026 notices mean for Kelowna homeowners

BC Assessment’s Southern Interior release gives us a helpful baseline for “typical” values in our area.

For Kelowna single family homes, the typical assessed value moved from $938,000 (2025) to $918,000 (2026), a -2% change. For West Kelowna single family homes, the typical value moved from $904,000 to $892,000 (-1%).

For Kelowna strata homes (condos/townhouses), the typical assessed value moved from $493,000 to $488,000 (-1%). West Kelowna strata homes showed a typical value increase to $557,000 (+4%).

What I’m seeing in the current market: in many Kelowna neighbourhoods, well-presented homes that are priced correctly are still attracting serious buyers, and the best comps remain the most reliable way to estimate what your property could sell for today.

If you want an accurate “right now” number, your assessment is a starting point, but it should not be the only reference.

5) Property taxes: what changes, and what stays the same

This is the second big misconception: a lower assessment does not automatically mean lower property taxes.

Your property taxes are generally calculated from:

• your assessed value (minus any applicable exemptions)
• multiplied by tax rates set by your taxing authorities

BC Assessment is very clear that your tax change is often driven more by how your assessment changed relative to your community average, not just whether your number went up or down in isolation.

A simple way to think about it:

• If your assessed value rose less than the average for similar properties in Kelowna, you may see relatively lower tax pressure than neighbours.
• If your assessed value fell less than the average (or rose more than average), you could still see your share of taxes increase.

And even with flat or slightly lower assessments, tax bills can still rise if municipal budgets and rates rise.

6) What to do if you disagree with your assessment

If you believe your assessment is inaccurate (wrong property details, wrong classification, or value that does not reflect market value as of July 1, 2025), you have options.

Step 1: Review the details

Confirm basics like:

• address and roll number
• size, age, and property characteristics
• classification and exemptions

Step 2: Compare to similar properties

BC Assessment’s Assessment Search tool is designed for this kind of fairness check.

Step 3: Call BC Assessment and discuss it

Many issues can be corrected through a conversation if there is a clear error.

Step 4: Know the deadline if you want to appeal

For the 2026 roll, the formal complaint (appeal) deadline is Monday, February 2, 2026 (11:59 p.m. PST) because the usual January 31 deadline falls on a weekend.

If you go beyond that first-level process, there is also a second-level appeal path through the Property Assessment Appeal Board, with its own deadline.

7) Want a “current market value” estimate that reflects today?

If you are planning to sell, refinance, or you simply want clarity, the most useful thing you can do is look at:

• recent comparable sales
• active competition
• current buyer demand in your specific micro-area

If you’d like, I can provide a no-pressure, current market evaluation for your property and help you sense-check whether your 2026 assessed value looks reasonable for the July 1, 2025 valuation date, and how it compares to what we are seeing today.

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