For homeowners, there are two major concerns with the new assessments based on the government's assessment as of value, July 1, 2016.
First you may lose your homeowner grant if your property goes from under an assessment of $1,200,000 to above. I expect the government to announce a raising of the home value limit shortly.
Regarding your house taxes they are based on the tax rate the municipality set in March. Your taxes will not go up as per the assessment. Any raises should be in line with the budget set in each city.
The chart below provides estimates of typical 2016 versus 2017 assessments of detached homes throughout the area. These demonstrate market trends for single residential properties by geographic area:
The value and location of your property determines your grant amount.
Location and the Grant
If your property is assessed at a value of $1,200,000 or less, the home owner grant may reduce your taxes up to $570 or, if it is located in a northern and rural area, up to $770.
If your property is assessed over $1,200,000 you may qualify for the grant at a reduced rate.
The grant is reduced by $5 for each $1,000 of assessed value over $1,200,000. This means the grant isn’t available for properties assessed over $1,314,000 ($1,354,000 in a northern and rural area).
Your Property Taxes
Most homeowners must pay at least $350 in property taxes before claiming the home owner grant to help fund services such as road maintenance and police protection. This amount may be less if you qualify for the home owner grant as a senior, veteran or person with a disability.
If you purchase your property during the current tax year, you may be eligible for the home owner grant if you meet the following requirements:
- The pervious owner didn’t pay all the property taxes
- The previous owner didn’t claim the grant
- You didn’t receive a grant this year for another home
With taxes, each municipality will determine the rate you are charged in the Spring of 2017.
It is important to note, just because your assessment went up so much your taxes are not set on that percentage. The value of your property goes up, these are two different processes.
300 - 3303 Immel St. Abbotsford BC V2X 5Y1
1 - 32540 Logan Ave Mission BC V2V 6G3
O 604 859 3141 or 604 826 2699 F 604 859 5226 or 604 826 2621
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