How will the latest property assessments affect local property taxes?

BC Assessment has recently mailed out property assessments and many property owners in Squamish are finding their assessments have increased once again.

 The latest assessments have revealed:

• Single-family homes increased by an average of 8%.
• Strata homes (condos and townhouses) increased by an average of 16%.

Some residents are likely wondering how this will impact local property taxes.*

The District does not collect more money as a result of increased property assessments. Municipal property taxes are collected based on the money needed to provide municipal services. Property owners can expect a property tax increase in 2023 based on the 5.9% increase in revenue required. The District estimated this to be +$139 for the average residential property, and +$454 for the average business (based on 2021 assessments). How a property assessment changed from 2021 to 2022 will impact whether this increase is higher or lower.

• If your assessment value change is LOWER than the AVERAGE change, then your tax increase will likely be lower than the above numbers.
• If your assessment value change is SIMILAR to the AVERAGE change, then your tax increase will likely be close to the above numbers.
• If your assessment value change is HIGHER than the AVERAGE change, then your tax increase will likely be higher than the above numbers.

Tax rates will be set in April once the final BC Assessment property tax roll is provided to the District. Once the rates are set, you will be able to work out your municipal tax portion on our website.

Property owners can find a lot of valuable information on the BC Assessment website, including how to appeal an assessment.

 

* Note, this information refers to the municipal property tax portion of your tax bill only (other taxes are provincial).

January 6, 2023