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Property Assessments

Property Assessments

 

 

2021 Property Assessment Notices

BC Assessment Notices will be delivered to homes the first week of January. BC Assessment provides an assessment value (Market value) on all properties in BC.  Check out BC Assessment’s webpage to have your assessment notice explained.

If you have concerns or questions about your property assessment, please check out the Understanding the Process page on BC Assessment’s website.  If you can’t find the answer to your assessment questions, use BC Assessment’s online contact form to contact BC Assessment directly, or visit their “contact us” page for other options.

Check out your neighbourhood’s assessed values: evaluebc.bcassessment.ca

 
Deadline to appeal your property assessment is January 31, 2021.

 

Relationship Between Property Assessments and Property Taxes

By law, municipalities are not allowed to collect more property tax revenue than what is needed to balance their budget.  Therefore, staff recalculate the tax rate each year for each property class to ensure that only the tax revenue needed is collected, taking into consideration the change in assessment value.

  • If the City’s total assessment base increases, the tax rate will decrease, OR
  • It the City’s total assessment base decreases, the tax rate will increase

Individual property tax increases may be higher or lower depending on the change in your property assessment value over 2020.  If your property’s assessment value increased by the City average, your general municipal property taxes should increase by approximately 3.2% (the increase Council approved for 2020, see final numbers in the Final Budget meeting in December 2020.), but if your property assessment value changed higher or lower than the City average, your general municipal property taxes will vary accordingly.

To see what percentage your assessment increased by, check out your BC Assessment Notice and evaluation.

How does your assessment change compare to the City of Mission’s average?

Property Class Average % Change due to Market
1 – Residential 8.10%
2 – Utilities 6.62%
3 – Supportive Housing 0.00%
4 – Major Industry 0.00%
5 – Light Industry 14.86%
6 – Business/Other 5.06%
7 – Managed Forest 0.00%
8 – Recreational/Non- Profit 18.41%
9 – Farm 0.03%
  • For residential properties with an assessment increase greater than 8.1%, general municipal property taxes will be higher than the approved 3.2%
  • For residential properties with an assessment decrease or an increase lower than 8.1%, general municipal property taxes will be lower than the approved 3.2%
  • For properties in classes 4 to 8 the school tax rate for 2021 does not reflect the reduction the Province of British Columbia provided in 2020 as part of the COVID relief program. This will impact the property taxes owed in 2021 for these classes.

 

 

The City of Richmond and BC Assessment have both put out excellent videos explaining the relationship between property assessments and property taxes. Click on the toggle below to open the video player.  To view other BC Assessment videos, check out the BC Assessment Youtube channel.

 

Understanding Assessments & Property Taxes
Property Taxes 101 – City of Richmond

Understanding Property Assessments & Property Taxes – BC Assessment

For information on Property Registration check out the Land Titles website.