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Property assessments and property taxes: A not-so complicated relationship

Property assessments and property taxes: A not-so complicated relationship

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​A common misconception is that a significant change in your assessed value will result in a proportionately significant change in your property taxes.

The most important factor is not how much your assessed value has changed, but how your assessed value has changed relative to the average change for your property class in your municipality or taxing jurisdiction. You can find your property class on your assessment notice next to your assessed value.

Click here to find the average change for your property class in your jurisdiction.

 

*The diagram above and the scenarios below assume stable tax rates and no changes​ in the distribution of budget funding between property classes for your taxing jurisdiction and/or any other taxing agency.

Un​​​​derstanding Average Change Across Different Property Type​​s​​​​​​​

It is also important to remember that average change is calculated at the property class level, which encompasses a mixture of different property types, all of which can increase or decrease at varying levels. For example, the Residential property class includes properties like single-family dwellings, townhomes, and condominiums. The average change will be impacted by the magnitude of change for each property type, and how many of each property type there are in your municipality or taxing jurisdiction. As illustrated below, even though single-family dwellings decreased in this jurisdiction, townhomes and condominiums increased, resulting in an overall average increase for the property class.

Residential Property Types Average Change Example

Here are some examples of the potential impact to your property taxes with value changes more than the average change, and less than the average change.​

Example A:  Your property is currently assessed at $540,000, based upon a valuation date of July 1 last year. Your previous assessed value was $450,000. Your property increased 20% in value, while the average increase for your property class was 30%.
Since your property increased LESS THAN the average for your property class, you will likely see a decrease in your property taxes.


Example B:  Conversely, your property is currently assessed at $630,000, based on a valuation date of July 1 last year. Your previous assessed value was $450,000. Your property increased 40% in value, while the average increase for your property class is 30%.
Since your property increased MORE THAN the average, you will likely see an increase in your property taxes.

 

Click to download pdf of the infographic explanation.

The information on this page is for information purposes only. If your residential property is valued at $3 million or more, the property tax implications may be different than stated above. For more information, visit the BC Government's school tax website. For specific questions about property taxes, please consult your municipality or taxing authority.

Understanding the Property Tax Process

An increase in your assessment does not necessarily mean an increase in your property taxes. Property tax changes are generally impacted by your assessment's change relative to your community's average assessment change.

​​​How Property Assessments Impact Property Taxes

​​​Detailed Explanation of Property Assessments & Property Taxes



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The Property Tax Equation
How are assessed value, property tax rate, and property taxes related and what influences your property taxes?

Provincial Property Tax Programs
What you need to know about property Tax Deferment and Home Owner Grant.

Appealing your assessed value

Once property tax rates have been set by your local taxing authority, property owners are unable to appeal the tax rate. Property owners are able to appeal their assessed value, which forms one part of the property tax equation described above, to the Property Assessment Review Panel. The deadline for appealing your assessed value is the last working day in January each year, typically January 31st. You can visit our website to see more information on appealing your assessment.