2020 Property Assessment Notices
BC Assessment Notices will be delivered to homes the first couple weeks of January. BC Assessment provides an assessment value (Market value) on all properties in BC. These 2020 assessment values are as of July 1, 2019. 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, 2020.
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 District’s total assessment base increases, the tax rate will decrease, OR
- It the District’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 2019. If your property’s assessment value increased by the District average, your general municipal property taxes should increase by approximately 4.39% (the increase Council approved for 2020), but if your property assessment value changed higher or lower than the District average, your general municipal property taxes will vary accordingly.
To see what percentage your assessment increased by, check out your BC Assessment Notice.
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
Understanding Property Assessments & Property Taxes – BC Assessment