A-Z of Property Tax Terms

Home Owner Grant 

Reduces the amount of property tax you pay for your principal residence. Learn more gov.bc.ca/homeownergrant or phone 1.888.355.2700 to speak with a live agent.

Market Change

The change in a property's assessed value based on market influences due to market variations and recent real estate sales in a given neighbourhood.

Non-Market Change

Changes in property value as a result of:

  • New construction;
  • Property class changes;
  • Exemption changes;
  • New development or "size" changes to land - including subdivisions;
  • Zoning changes (e.g. changes that increase or decrease density, use and resulting property value).

Property Assessment Notice

Shows the assessed value of your property as of July 1 of the previous year. Property assessment notices are mailed by BC Assessment to homeowners at the beginning of the year.

Property Tax Notice

A bill mailed to homeowners each year for municipal and library services, and utilities. The amount you pay depends on the property location, property classification, property assessment value and cost of services. The property tax notice also includes taxes levied by other jurisdictions including the School District, Squamish Lillooet Regional District, Municipal Finance Authority, Hospital, and BC Assessment Authority.

Tax Burden

The total percentage of taxes generated by each property class, in relation to all taxes generated. The different property classes include: Residential; Utilities; Major Industry (Port); Light Industry; Business & Other; Forests-Managed; Recreation & Non-Profit; Farm.

Tax Rate (or Mill Rate)

The rate used to determine how much property tax you pay, based on the assessed value of your property. Tax rates are adjusted every year to ensure the funds needed to provide municipal services are raised. Tax rates are applied to the assessed value of your land and any buildings or structures on the property. Property taxes are calculated by dividing your property’s assessment by 1,000, and then multiplying it by the tax rate.

For tax rates across all classifications visit our Taxes & Utilities page