Vancouver British Columbia Real Estate | Realtor-MIKE SHAFIE property tax

Property Tax

Home owners in British Columbia must pay in average 0/7% of the assessed value of their properties as Property Tax to the governments every year, for instance if a house assessed as $1,000,000 the property tax would be around $ 7000 a year . This rate is still lower than the property tax rate in the other jurisdictions like Ontario, Quebec or California.

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
	Additional
	Retroactive
	Multiple

The program is intended to provide the greatest benefit to people who are most in need and is therefore reduced on higher-valued properties by $5 for each $1,000 of assessed value over $950,000. The basic grant is eliminated on homes assessed at $1,064,000 or more, and the additional grant is eliminated on homes of $1,119,000 or more.

Effective for the 2007 tax year, the Home Owner Grant is provided to some
low-income homeowners who did not qualify for the additional grant because the property exceeded the assessed threshold value. See the Additional Grant for more details.

The grant must be applied for each year. If you live in an incorporated municipality, you must apply to your municipal tax collector. For rural areas, you must apply to the Surveyor of Taxes office or to a local Government Agent office. Please see How to Apply for more information.