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Property Tax

 

 

 

Every home owner in British Columbia must pay in average less than one percent ( %0.5) of the assessed value of their properties as Property Tax to the governments(Provincial and Municipal) every year, for instance if a house assessed as $1,000,000 the property tax would be less than $ 5,000 a year ( including utilities like water and sewer,,,,), this amount is not the same in all municipalities, for instance a  $ 300,000 condo in down town Vancouver is not taxed the same as a $ 300,000 condo in Coquitlam, the property tax rate changes every year and mainly effected by it's municipality budget.

 Property tax in BC is less that other jurisdictions like Ontario or California.

 

 

 

 
Property Tax based on $ 100,000 assesed value 2014
Burnaby
$440.15
Coquitlam
$326.28
Maple Ridge
$425.11
New Westminster
$610.25
North Vancouver City
$443.94
North Vancouver District
$438.48
Port Coquitlam
$388.27
Port Moody
$358.38
Richmond
$432.49
Surrey
$470.52
Vancouver
367.79
West Vancouver
$183.20
 

 

                                                                     Above property tax figures do not reflect the utilities charges.

 

 

 

 

 

 

How is the tax rate set?

When the annual budget is adopted by city council for the current year, City Council passes a rating bylaw.

This bylaw sets a levy rate for every taxable parcel of land, as defined on the BC Assessment roll. This levy must be sufficient to raise enough revenue to pay all debts and obligations of the city falling due within the year.

This rate applies to each $1,000 of net taxable value by property class. This rate is referred to as the general tax levy.

The City  is not the only government body that taxes properties in the city. Five other institutions get a portion of their annual revenue from the property base:

  • BC Government - for school purposes 
  • Metro Vancouver Regional District
  • Municipal Finance Authority (MFA)
  • BC Assessment (BCA)
  • TransLink

The City Council has no control over these other taxing authorities' levies. The Council also do not control the way they are distributed to properties in the city.

However, to reduce the administrative cost of billing and collecting these other property taxes, the City includes these levies on the tax bill sent to property owners each year.

 

 

 

About Home Owner Grant

The purpose of the Home Owner Grant is to help reduce the amount of residential property tax homeowners pay. The Home Owner Grant applies to taxes paid by property owners to their municipality or to the Surveyor of Taxes for rural areas.

The grant is available to Canadian citizens or landed immigrants who live in British Columbia. The homeowner must occupy the home as his/her principal residence.

The Home Owner Grant program includes the following types of grants:

 

 

Basic Home Owner Grant

The basic grant can reduce your property tax by as much as $570. The minimum tax payable ($350) ensures that all homeowners (or eligible occupants, which includes an eligible occupant of an eligible apartment, housing unit, land cooperative or multi-dwelling leased parcel) contribute towards the funding of local services such as road maintenance and police protection.

For 2012, the basic grant will be reduced by $5 for each $1,000 of assessed value over $1,285,000, and is eliminated on homes assessed at $1,399,000 or more.

If your property's assessed value is over $1,285,000 but has more than one residence on it, you may still qualify for the home owner grant on one residence. For further information, please call our office toll-free in British Columbia at
1-888-355-2700.

To be eligible for the grant, you must meet the following criteria:

You are a Canadian citizen or landed immigrant and ordinarily reside in British Columbia.
You are the registered owner or eligible occupant of the home. The home must be located within the province.
The home is your principal residence -where you live and conduct your daily activities. The grant does not apply to summer cottages, second homes or rental properties.
Spouses who live together, including those who are married or who live together in a marriage-like relationship, including same-gender partners, can qualify for a grant on only one residence in the province in a calendar year.
Spouses who live apart can each claim a grant on their principal residence if they have a written separation agreement or a court order recognizing the separation.

Please see the Eligibility Criteria for further conditions that may apply.

The grant should be claimed prior to the tax due date, even if you do not pay at that time. The grant is considered unpaid tax until it is claimed. By claiming the grant prior to the due date, you avoid paying a penalty on this portion of the tax.

You must apply for the grant each year after you receive your property tax notice and before December 31. The grant is applied toward the current year's property tax. It does not apply to School Referendum Taxes, arrears, delinquent taxes, penalties, utilities or user fees which may also appear on your tax notice.

Please see How to Apply for more information.

If you are over 65, have a disability, or receive a war veteran's allowance, you may be eligible for the Additional grant.

ion.

If you are over 65, have a disability, or receive a war veteran's allowance, you may be eligible for the Additional grant.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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