Annual Property Tax
In British Columbia, Canada, annual property taxes are calculated based on the assessed value of the property and the applicable tax rates set by local governments. Here's a general overview of how the calculation is typically done:
The BC Assessment Authority assesses the value of properties in the province. They determine the assessed value based on factors such as location, size, age, condition, and recent sales of comparable properties.
Local governments, including municipalities and regional districts, set the property tax rates each year. These rates are typically expressed in terms of a certain amount per $1,000 of assessed property value.
To calculate the property tax owed for a particular property, you multiply the assessed value of the property by the applicable tax rate. As a general reference, the 2023 residential property tax rate for Richmond is 0.291046%, and Vancouver 0.278070%.
For example, a property in Richmond with an assessed value of $750,000 at the 2023 tax rate of 0.291046% would have to pay a property tax of $2183 for 2023’s annual property tax.
= $750,000 x 0.291046%
= $2183
In addition to the basic property tax, there may be additional charges or levies for specific services or improvements in the area, such as garbage collection, sewer, or local improvement projects. These are usually added to the total property tax bill.
Property Tax Notices are issued last day of May. Payments are always due the first business day of July to avoid late penalties. You must call the tax department at 1-888-355-2700 if you have not received your notice by mid June.
Please note that property tax rates and assessment practices can vary between municipalities and regions within British Columbia. Additionally, there may be various exemptions, rebates, or deferral programs available for certain property owners, such as senior or individuals with disabilities.
$570 for properties located in the Capital Regional District, the Metro Vancouver Regional District and the Fraser Valley Regional District.
Most property owners qualify for this grant given that the owner:
* Be the registered owner of the residence (or a spouse or relative of the deceased owner)
* Is a Canadian citizen or permanent resident of Canada
* Live in B.C.
* Occupy the residence as your principal residence
* The assessed or partitioned value of your property does not exceed the grant threshold ($2,150,000 or less for a full grant, Between $2,150,000 and $2,264,000 for a partial grant and above with no grant.)
If you purchased your property during the current tax year, you may be eligible for the home owner grant if you meet the following requirements:
* The previous owner did not claim the grant on the property
* You did not receive the grant this year for another property
* You’re occupying the property as your principal residence when you apply for the grant
Instead of the regular grant, you may qualify for a higher amount of grant - additional grant if you are:
* A senior
* A veteran
* A person with a disability
* Living with a spouse or relative with a disability
* A spouse or relative of a deceased owner who would have qualified for the additional grant
