Property Tax Update

Reminder to Apply for your Homeowner Grant

(June 6, 2023) We have noticed when reviewing client's property taxes that sometimes owners are missing applying for their homeowner grant every year. Please check your mailbox for your 2023 Property Tax Notice in the coming days as statements are mailed out 30 days prior to the due date. Most municipalities have tax due dates on the first working day of July and missing the deadline incurs a steep 5% penalty.

Applying for the homeowner grant is straightforward and instructions are on your tax notice. To be eligible for the full homeowner grant, your home's assessed value for 2023 must be below $2,125,000 and the home must be your principal residence. The regular homeowner grant is $570 in the Capital Regional District, Metro Vancouver and the Fraser Valley Regional District, and $770 elsewhere. Note that there are additional grants if you are over 65, a veteran, or have a disability.

Note that if your financial instituation collects property taxes with your mortgage payment and remits tax on your behalf, you must still file your homeowner grant yourself.
 

 


Jan 3, 2023
BC Assessment has now refreshed their database to reflect this year's assessed values for property taxes. According to BC Assessment, most homeowners around the province can expect about a 5 to 15% rise in assessment values, as assessments are based on July 1st 2022 valuations.

Since July 1, the real estate market values have changed and your 2023 property assessment will likely be higher than what the current market value might be. BC Assessment notes that everyone will be in the same situation and that an increase in assessment value does not necessarily result in an increase in property taxes unless your property values has changed more than the average value change for your community.

To check your home's value and compare your home to neighbouring properties, check your assessment. On the BC Assessment site, scroll down below your property details, and you will find an option to sample sold properties. This will show you some of the comparables sales used to determine your property valuation. Keep in mind that values are a snapshot at July 1st of 2022.

If you think that valuation is not accurate, you can appeal the value. To appeal your value, there is a specific process, and you must file your intent to appeal by January 31, 2023.