Jan 4, 2023

If you recently checked your 2023 property assessment on the BC Assessment website, you may have questions about how it could impact your 2023 Colwood property taxes. 

Many people think if your assessment goes up 20% your property taxes will go up 20% as well. However, the most important factor is not how much your assessed value has changed, but how it has changed relative to the average change for your property class. So assessed value only drives an increase in taxes if your value increased significantly more than your neighbours.

Secondly, property tax rates are not finalized until the spring by municipalities as well as other authorities such as the Capital Regional District, Hospital District, Province of BC and School Districts.

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

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.
  • Property taxes are due (along with home owner grant claims or deferral applications) 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