There are two factors that influence how much property tax you pay.
One is the assessed value of your home and the other is the municipal tax rate.
BC Assessment’s Christopher Whyte says if the assessed value of your house went up by the average amount for your region you probably won’t see much of an increase in your property taxes …..
There will be “warning” letters sent out to about 90,000 property owners in the province where increases are over and above the average.
Property assessments for a single detached home on Vancouver Island went up anywhere from 5 to 25 per cent.
Whyte says the average business property value increased in the latest assessments alongside residential properties.
Businesses property values went up by almost 15 per cent in Duncan, just under 9 per cent in North Cowichan and 10 per cent in Ladysmith in the latest assessment.
Whether or not that will add up to increased property taxes in the Valley depends upon the mill rate set by the municipalities.
In the meantime, the Province is raising the 2018 homeowner grant threshold to one point 6-5 million dollars.
The grant threshold is the maximum value a home owner is eligible to claim to take advantage of a home owner grant.
The grants range from 570 dollars to 1,045 dollars depending on your circumstances.
Eligible homeowners have to apply for the homeowner grant each year.
To be eligible the home must be used as the owner’s principal residence.