BC Assessments 2020 property assessments are making their way to mailboxes across the province in the new year.
The City of Campbell River has shared Tax Facts to its website, reminding residents of how property assessments relate to property taxes.
“Tax Facts answers frequently asked questions about property taxation, including how assessments may affect the overall amount of your city property tax levy,” says the City’s Financial Planning Officer Dennis Brodie. “The main factor in changing property tax amounts is whether or not the value of your property has increased or decreased relative to other properties.”
In 2020, city taxes will increase by approximately 2.9% for a home of average value.
This value, estimated at $401,000, is in the mid-range of tax rates when compared to other communities of similar size in British Columbia.
Brodie says if the property value increases more or less than the average home value, the property tax change will be different.
“We remind people that this is how the assessment affects taxes related to the municipal portion of the property tax notice,” he added.
“Because the city is the designated property tax collector for many agencies, the total change people see on their bill is affected by more than just their City of Campbell River taxes.”
Property tax for the Strathcona Regional District, Regional Hospital Board, Regional Solid Waste Board, Regional Library and provincial school taxes is also collected by the city.
These budgets, included on the city’s property tax notice to be mailed in May 2020, are approved by their respective boards and allocated across Campbell River properties.
To further understand the relationship between property assessments and property taxes, property owners are encouraged to review the Tax Facts document found on this website.
