BC Property Assessments And Property Taxes Explained

You have your property assessment by now and your net worth just went up from 30-50%. That’s great but the concern that comes along with it is that the amount you’re going to pay in property taxes going up too. I’m sure we’ll all get a higher bill this year but don’t expect 30-50% increase. 
Keep this in mind… The property assessment is done by the province and property taxes you’ll pay are to the city. Although the amount you’ll pay in property taxes is based on assessed value you won’t necessarily see a proportionate increase.
The amount you will pay in property taxes is based on how much the city you live in needs. Unless the city needs that much more money, which I don’t expect, we’ll see a nominal increase. 
How are amounts determined?
The City council sets a five-year plan and determines the amount of revenue they’ll need to stay in budget. They look at how much money is needed and then take into account all of the revenue that comes in from things like parking and by law fines. However much the extra amount that is needed is what the total property tax the city needs to collect. The City is not allowed to collect more money then it needs so they’re usually accurate with this. 


Where does the money go?    
The four main categories the money gets spent on are:

  • public safety and city infrastructure,
  • road maintenance and waste collection,
  • parks and recreation facilities and
  • emergency and fire services

For Surrey, in 2016 the big expenses were the addition of 100 new RCMP and the new Grandview Aquatic Centre. 


What if my assessment is wrong?
If you think your property assessment is high you can appeal it. Call BC Assessment at or visit the site. I’ve put a link to in the description. From the assessments I’ve seen, although the assessment amount is off, the percentage change is accurate. And for the most part assessments are low so be careful if you call for an appeal. If you are going to appeal I suggest talking to a Realtor and getting an evaluation done so you’re educated when you make the call.


Rebates & Grants 
The City does allow for discount in certain circumstances. If you live in your home, you are entitled to a rebate on your property taxes. Seniors are also entitled to a grant. The rebate amount will be on the bill that comes in July.


Conclusion
We as residents don’t want the extra condos and townhouses because it packs our busy streets even more and overcrowds the schools in Surrey. Now that you have this information it might make a bit more sense why the City is always pushing for more townhouses and condos. If you look at what an acre of condos pays in taxes compared to an acre of homes, the difference is very significant. With all of the construction in 2016 we’ll hopefully only see a minimal increase in our property taxes.


Your Property Taxes are due on Tuesday, July 4, 2017 and you do have the option to defer. Contact BC Assessment for the details. If you have any questions about your property give me call.

https://evaluebc.bcassessment.ca/

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This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.

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