Calculating Property Tax
Understanding property tax calculations – April 2017
The District of Squamish 2017-2021 Financial Plan results in a 6.5% increase in the amount of revenue required from property taxes in 2017 (over 2016).
- Total property tax revenue generated in 2017 for municipal and library services is $26,032,690.
- Non-market growth (growth in the actual property assessment base due to new development, subdivision or re-zonings etc.) is approximately 4%.
To achieve the revenue required, the Residential Tax Rate has been set by the District of Squamish at 3.3924. This is a decrease of 23% (from 4.4092 in 2016) due to the increase in the assessed value of Squamish properties.
Property Tax* Calculator
*Refers to Municipal and Library taxes only, and does not include School District, Municipal Finance Authority, Squamish Lillooet Regional District, Hospital or BC Assessment Authority.
A $770 Homeowner Grant (or greater in some specific cases) may be applied against taxes on your primary residence. For details and qualification requirements, click here.
Property taxes (municipal and library) are calculated by dividing your property’s assessment by 1,000, and then multiplying it by the tax rate.
Example:
In 2017, single family homes have an average assessed value of $798,347 (an increase of 37.5%). Property taxes will be:
- $798,347/1000 = 798.35 x 3.3924 = $2708.31 in property taxes (municipal and library only).
In 2016, single family homes had an average assessed value of $580,501. Property taxes would have been:
- $580,501/1000 = 580.50 x 4.4092 = $2,560 in property taxes (municipal and library only).
In this particular example, this home's property taxes would increase $148.31 in 2017 (or 5.81%).
