New video shows how property assessment impacts taxes04 January 2016
2016 property assessments are being mailed this week by the BC Assessment Authority. Many Richmond property owners are expected to see significant increases in their property assessment from 2015 with average assessments for all residential properties across Richmond increasing by 9.85 per cent. This is a preliminary figure and may change by the time local property taxes are calculated in May 2016.
To assist property owners in understanding how property assessments impact their property tax bill, the City of Richmond has produced an information video, which can be viewed by going to www.richmond.ca/tax and clicking on the Property Assessments link on that page.
Richmond City Council has approved its 2016 operating budget with a 3.11 per cent tax increase.
In general, property owners whose assessments have risen by more than the Richmond-wide average will see an increase in the municipal portion of their tax bill. However, property owners whose assessments have increased by less than the city-wide average will see their municipal taxes rise by less than 3.11 per cent and may even see a decrease in their municipal portion taxes.
Property owners are reminded that the municipal portion of the property tax bill only represents roughly half of your entire tax bill. Additional property tax charges are levied by Metro Vancouver regional district, TransLink, the Province of BC (school taxes), the BC Assessment Authority and others. Year-over-year changes in these charges may vary significantly from the change in the municipal property tax. The City has no control over other taxing agencies, but acts as tax collector on their behalf.
Taxpayers can find out additional information about property taxes at www.richmond.ca/tax including details on Home Owner Grants.
More information on your property assessment, including how to appeal assessment can be found on the BC Assessment Authority website at www.bcassessment.ca