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 that there are no changes in the distribution of budget funding between property classes for your taxing jurisdiction and/or any other taxing agency.
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 explaination.
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 assessment process