Coming in 20th and 24th place respectively between Maple Ridge and Pitt Meadows is a Good Thing! We happily accept those ribbons.
According to BC municipal stats, the top ten Vancouver area communities with the highest total residential home property tax charges in 2010 were, West Vancouver, Whistler, Lions Bay, North Vancouver (Dist), Vancouver City, Bowen Island, White Rock, Anmore, Port Moody, and New Westminster.
Top 25 – Vancouver Area Total Residential Property Tax Charges in 2010:
2010 – Rank
Average Single Family Home Value
Total Property Tax Charges
|4||North Vancouver (Dist)||$829,762||$4,975|
|14||North Vancouver (City)||$739,726||$4,144|
In British Columbia, provincial government legislation empowers local municipalities to levy property taxes for the purpose of funding capital and operating expenses according to their yearly budgeted needs. Each municipality determines what tax rate they must set to raise the revenue needed to pay for public services, such as police and fire protection, parks and recreation, road improvements, and new infrastructure.
Individual community, municipal or city governments across the Vancouver region and area all have differing yearly funding needs and different property taxation requirements.
The following chart shows a comparison of total residential property taxes and charges on a “representative house” across 25 Municipalities in the Vancouver area from BC Statistic figures for 2010:
In British Columbia, the assessment of the market value of property is the function of the BC Assessment Authority, a provincial agency that provides market value assessments to all governments in BC. Then tax authorities, like municipal government, set tax rates that are applied to the assessed value of the property as shown on an owners tax notice.
Determining the tax affordability of a Vancouver area home is more difficult than just looking at its assessed value. A substantial part of a home’s property tax bill is made up of education, transit, and other levies as well as charges under the control of each city; as a result, an average single-family detached $500,000 home in one community may have a higher property tax bill than a similar $800,000 home in another community.