3 Common Property Tax Myths Explained

If you're a homeowner who received a higher-than-expected property assessment, you're likely wondering how it will affect your next property tax notice.

Here are three of the most common property tax myths explained. 

1. Myth: My BC Assessment doubled, so my property taxes will too.

Fact: In general, if assessments go up overall, the tax rate will go down. Therefore, if your property assessment increase is the same or less than the District of Squamish average assessment increase, your property taxes should not have a significant increase. However, if your property assessment increase is above the average increase in assessment for the municipality, you could experience a more substantial increase.

2. Myth: Higher assessed values mean more money for the District.

Fact: The District of Squamish is not in the business of making money or earning a profit. The District goes through an extensive budgeting process each year to determine the amount of funding required to “run” the municipality and its services. Tax rates are then adjusted to collect only the revenue needed from the assessment base.

3. Myth: I can appeal my BC Assessment through the District of Squamish.

Fact: BC Assessment and the District of Squamish are two separate entities. If a property owner has received an assessment that they do not agree with they would need to contact BC Assessment Authority directly to discuss and possibly appeal the assessment. The BC Assessment contact information is on the assessment notice.

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Comments

  • Dave Colwell Jan 07, 2019

    We have noticed that our assessment has increased by Value change 2%. which reflects the recent boom in property value for late 2017 and early 2018. However the market has since dropped considerably. So it appears we will be paying a tax increase reflecting 'history'! Once again Council will benefit on this lag for which there is no point in contesting. Again not pleased!

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