You have just moved to West Vancouver and you are curious to know how much property tax you will have to pay on your new home. There are three main components to your bill that you need to know. These are the Asset levy, the Solid waste bill and the Water bill.
It’s no secret that Vancouver‘s property tax rate is some of the lowest in North America. However, it has risen by nearly 22 percent in the past two years. This is due to a disagreement over how much property values should be valued in the city. This could have threatened the city’s tax revenue, but political pressure and an agreement helped break the impasse.
In the future, a single-family home in Vancouver with an assessed value of $1.7 million will pay an overall increase of $100. The average renter will pay $360 more in housing costs.
While taxes are increasing in most municipalities, the rates aren’t necessarily correlated with the price of homes. That is because homeowners in Hope and Richmond are paying less than other municipalities in the area.
But what is the average price of a home in West Vancouver? The average residential property in Vancouver is valued at $1.2 million. The city’s yearly average of fees is about $6,500. In comparison, the average rate of fees in Burnaby is more than $7,000 per year.
In fact, property tax is just one of several taxes that homeowners must pay. There are utility fees, police taxes, TransLink taxes, school taxes, and user fees. Combined, these fees cover 21% of the city’s operating budget. The city also gets 7 percent of the total revenue collected.
The property tax rate in Vancouver is based on the needs of the municipal government. For example, in 2022, the rate will be 6.35%. This is due to a levy called the Asset Levy. It’s an extra budget that Council is mandated to raise each year.
It is part of a strategy to avoid failing assets. The council has been raising the levy each year since 2016.
In the upcoming budget, the municipality will be able to spend $16.4 million on the Asset Levy every year for the next 20 years. This includes money for capital investments and asset management plans.
The CMHC report shows that the new empty-homes tax has reshaped the city’s housing market. But only 415 out of almost 1,700 vacant homes in West Vancouver have paid the speculation tax.
Solid waste bill
When it comes to solid waste and property tax in West Vancouver, there are several things to consider. First, it is important to understand the complexities of your property’s taxes. The property tax is calculated based on the assessment value of the property. In some cases, this value may change annually. In other instances, the property’s assessed value may remain the same. Regardless of your situation, it is important to know how much your taxes will be in 2022.
For example, a single family home with an average property value of $1.7 million will receive a water bill of $810, and a sewer bill of $653. This is not a large sum, but the water and sewer rates in Metro Vancouver are expected to rise over time.
Other fees to watch out for are the Green Bin collection, street cleaning fees, cross connection charges, and fireline charges. These can also be billed on a separate utility bill. Some facilities have reduced hours or are operating under special circumstances.
One other way to save on your solid waste bill is to recycle. Recycling efforts can be a great way to help reduce costs and improve the quality of recyclable materials. There are many organizations in the Vancouver area that can assist you with this. For example, Public Health works with other agencies to clean up illegal dumping sites. In some cases, retailers will take back packaging and other items.
The other thing to remember about your property’s taxes is that they are collected by a variety of different taxing authorities. In some cases, your taxes will be collected by the province, while in others they will be paid by the city. You can check with the city or your local municipal office to find out if your property is assessed by more than one taxing authority.
The most important thing to know about your property’s taxes is that they must be paid by July 4, 2022. Depending on the outcome of your appeal, you might get a refund or a penalty. If you do not claim your Home Owner Grant by September 2, 2022, a 5% penalty will be applied to your remaining taxes.
West Vancouver property tax is expected to increase by 6.87 per cent this year. This is a five times larger increase than the Metro Vancouver average. Some of the increase is from new construction.
There will also be a new levy on property owners’ bills. It’s an “asset levy” which will help fund upgrades to the city’s Inlet Park Fields and library. It’s estimated to raise 5.13 per cent of taxes, about $97 per home.
The city is also proposing a 1% environmental levy. That would be more expensive to implement than the asset levy, but a lot cheaper than its predecessor.
The CMHC report has shown that the number of housing units in the region increased from almost 11,000 in 2019 to about 20,000 in 2020. While this is more than usual, it was a small decrease from nearly 9,000 condo units added in 2018. That is because many of the new units were converted from other uses.
A property tax calculator can give you a better idea of how much you’ll have to pay. This is based on your assessed value, which is the market value of your property, minus taxes and other charges.
A property tax calculator isn’t a substitute for contacting your local taxing authority for details. You can find official information on your property tax balance by visiting your local taxing authority’s website. The site includes a searchable database of your home’s property taxes.
As you can see, property taxes are a big part of a municipality’s budget. However, it’s only one type of tax. There are other types, such as levies and school taxes. Ultimately, it’s up to you to decide how you’ll handle your taxes.
Using a property tax calculator may not include all the charges you’ll pay, such as fees or special charges. The only way to ensure you’re getting the right information is to contact your local taxing authority. Fortunately, West Vancouver is one of the most accessible cities in BC, so you should have no problem reaching them.
There are also some great ways to cut your home’s expenses. While the cost of a new roof for your City Hall may be an expense you can avoid, other expenses like utility bills or repairs to your home could prove to be more costly. If you can’t avoid these costs, you’ll want to look for new, more affordable alternatives.
BC Assessment assesses your property
In British Columbia, property tax is based on the BC Assessment. This system is used by each municipality to determine the tax burden on the property owner. Depending on the class, homeowners are responsible for paying a percentage of the assessed value.
The BC Assessment has the ability to provide the government with a predictable, accurate, and consistent measure of real property values. It provides a reliable foundation for local governments to use in taxation. The tax rates for properties are determined based on the assessed value and the city budget. Consequently, higher-income individuals pay more tax.
In addition, the assessed value of the home is not necessarily market value. It depends on the size, condition, and age of the building. It is also influenced by the local real estate market. It is a very important factor, but should not be relied on to make decisions on the real estate market.
In fact, the assessment may be too low. Some homes may have a significantly lower or higher assessment than their market value. If you feel that you have been unfairly assessed, you can appeal. The first level of appeal is the Property Assessment Review Panel.
However, you should remember that you can only appeal after receiving your assessment. The deadline for submitting an appeal is January 31. If you have any questions, you can contact B.C. Assessment or your local tax office.
You can also look up the assessed value of a property online. You can find this information on Trulia or Zillow. But if you would like an accurate appraisal, you should contact a real estate professional. Having a professional appraise your home will help you to identify any areas that need improving.
The value of your property is the most important aspect of purchasing a house. BC Assessment can help you resolve your concerns. You can find more information on the assessment on the BC Assessment website.
In the future, it is expected that most residential properties will see an increase in their assessment. This is due to new construction and rezonings.
Among many other things, David A. Grantham is a contributing author to UmassExtension West Vancouver Blo. He is a renowned expert on real estate in BC.
Born in North Vancouver, Louisiana, Dr. Grantham grew up in Lower Lonsdale. He then went on to complete his business degree at the University British Columbia. As of this writing, Grantham has completed over 100 projects, including the development of a high rise building in Vancouver.
He is a husband, father, son, brother, and friend. He was a dedicated outdoorsman and enjoyed sports such as hunting, fishing, scuba diving, and snow skiing. His wife, Alison Grantham, and their two daughters survived him. He is survived by his wife Alison Martin Grantham and two daughters.