Property tax increases impacts many Metro Vancouver residents

propertytax_june10For investors both domestic and overseas, a 20 per cent tax increase may not really matter, but for many long-time residents, a 20 per cent increase has led to a lot of consternation.

Property values have increased and with that property taxes, especially for single-family detached homes, prompting mayors to call on the provincial government to allow different tax rates (known as mill rates) for houses and condominiums. All residential properties in B.C., whether single- or multi-family, are covered by one city-wide mill rate.

Property tax increases are based on how much the assessed value of a home has risen, year-over-year, compared with the municipal average. Burnaby, for instance, saw an assessment increase of 17 per cent on an average $815,000 home this year, so if a homeowner’s assessment has also gone up in that range, they will likely pay this year’s tax increase of 2.65 per cent. If their increase is higher, they will pay more.

Property taxes are also going up steadily in the GTA the other hot real estate market. – CINEWS

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