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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 around $ 5,000 a
year, 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.
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:
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You are a
Canadian citizen or landed immigrant
and ordinarily reside in British Columbia. |
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You are the
registered owner or eligible occupant of the home. The
home must be located within the province. |
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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. |
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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. |
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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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