The formula for calculating taxes on property is:
Assessed Property Value x Property Tax Rate
The assessed property value is the value for tax purposes as determined by BC Assessment Authority which is established under provincial legislation and is independent of the municipality. Your assessment notice is mailed out annually on December 31st. You cannot appeal your taxes, but you can appeal your assessment.
For more information, contact the BC Assessment office at 1-800-825-8322 or online at www.bcassessment.ca
BC Assessment is always there to help if you have any questions about your assessment; they have provided the following resources to help inform the public on what BC Assessment does.
Property Assessments and Property Taxes: A not-so complicated relationship
Videos:
Your property value change and property taxes
Understanding Property Assessments & Property Taxes
How are property taxes calculated?
How are taxes calculated if assessment values change?
The property tax rate is expressed as a dollar amount on every $1,000 assessed value. If the property tax rate for residential property is $5, this means that taxes of $5 are charged on every $1,000 assessed value (Assessed value of $100,000 will be charged taxes of $500 (100x$5)).
The following factors affect your tax bill:
- Changes in the Tax Rate - Change in the Assessed Value
- New Local Improvement charge - Changes in Homeowner Grant status
- Unpaid utilities transferred to taxes.
Taxes cover the calendar year January 1st to December 31st of the current year.