If you recently checked your 2022 property assessment on the BC Assessment website, you may have questions about how it could impact your 2022 Colwood property taxes. The simple answer? It’s too early to tell.
Property taxes are determined by municipalities and other authorities such as the Capital Regional District, Hospital District, Province of BC and School Districts, prior to notices being sent in May.
Property taxes are influenced by two factors:
- The tax rates for services provided by municipalities and other authorities
- The change in your assessed value compared to everyone else’s change
Many people think a big change in assessed value will result in a big change in property taxes. For example if your assessment goes up 20%, will your taxes will go up 20% as well? This isn’t always the case.
The most important factor is not how much your assessed value has changed, but how your assessed value has changed relative to the average change for your property class in Colwood.
To find your property class and the average change for your property class visit BC Assessment:
Property Tax Facts at a Glance
- BC Assessment is the authority that assesses property values in BC.
- Every January, BC Assessment determines the assessed value of properties (based on market values at July 1 of the previous year) and mails property owners a Property Assessment Notice.
- Property owners have until January 31 to challenge that assessment.
- Colwood property owners receive their tax notice near the end of May in the mail.
- Tax payment and home owner grant claims or deferral applications are due on the first business day of July each year.
For a full range of property assessment information, examples and resources please visit the source – BC Assessment at www.bcassessment.ca