Residents of the Okanagan district received a 16% surge in average home valuations on the property evaluation notice sent by the BC Assessment this year and are forecasting a 7% growth in 2017. In West Kelowna, Peachland and Summerland the average home valuation also increased by 11%.
Many home owners are worried that property taxes will be going up. In fact, this is an unnecessary worry. Home owners pay an annual land tax = property valuation × land tax rate and this is determined by the city requirements and not the home prices.
The city property tax rate determines the amount of land tax to be paid and the tax rate is determined by the municipal government in accordance with their own fiscal year.
So in fact, is not the value of your house now that affects your city property tax. If you have any questions about your assessment, you can check the provincial property assessment website at https://evaluebc.bcassessment.ca. If you are still dissatisfied with the property valuation results after the consultation, you can file a complaint with the property assessment review panel. The deadline for complaints is January 30.
The BC government has also raised the cap on the Homeowners Grants (BOC) homeowners’ grants this year. Starting this year with homes priced at less than $1.6 million. You may be eligible for up to $570 in land tax deductions.
You need to meet these criteria:
- The applicant is the home owner
- The applicant is a Canadian citizen or a permanent resident
- The corresponding address on the application form is the applicant’s main residence, cannot be investment room (rental housing).
- In that year, the applicant is 65 years of age or older. (For the additional deduction)
- The applicant has a permanent disability or the applicant’s spouse, children, grandchildren, parents, step-parents, cousins or siblings are permanently disabled and live with the applicant.
(For the additional deduction)
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