2019-01-06 BC Assessments July 2019 for REBGV

Bowen Island Average Assessment Up 8.0% Over 2018

How does this affect your taxes? The municipality sets its budget based on its need to operate and complete any initiatives it has undertaken. Whether or not taxes on individual properties go up is a factor of both the mil rate the municipality sets to fund the budget and the individual property assessment.
Check your property assessment by entering your address here.
Your taxable value is based on your assessed value divided by 1000.
This is very simplified illustration of the relationship between assessment and tax:
1.    If every residential property had an assessment of $1,000,000 and,
  • there are 1,000 properties and,
  • the mil rate (per 1,000) for the Residential category was set at 2.5 to cover the municipal budget then,
  • the municipality would collect $2,500,000 = assessed value $1,000,000 X no. of properties 1,000 X mil rate (2.5/1000).
  • Each property owner would pay $2,500 ($1,000,000 / 1000 X 2.5) in taxes.
2.   If every residential property had an assessment 10% higher at $1,100,00  and,
  • no increase in the municipal budget of $2,500,000 then,
  • the mil rate could be adjusted downward to:
  • 2.272 = budget $2,500,00 / no. of properties 1,000 / taxable value ($1,100,000 / 1,000)
  • Each property owner would pay $2,500 ($1,100,000 / 1,000 X 2.272) in taxes.
3.  If the assessment on property A was $500,000, on property B was $1,000,000, and on property C was $1,500,000 and
  • the mil rate was set at 2.500, then
  • Property A would pay $1,250.00 ($500,000 /1000 X 2.5) in taxes, and
  • Property B would pay $2,500.00 ($1,000,000 / 1000 X 2.5) in taxes, and
  • Property C would pay $3,750.00 ($1,500,000 / 1000 X 2.5) in taxes.
4.   If municipal council passed a budget with a 5% tax increase, it would collect $2,625,000.
  • The mill rate would be adjusted to 2.625 and
  • Property A would pay $1,312.50 ($500,000 /1000 X 2.625) in taxes, and
  • Property B would pay $2,625.00 ($1,000,000 / 1000 X 2.625) in taxes, and
  • Property C would pay $3,937.50 ($1,500,000 / 1000 X 2.625) in taxes.

Asssessment Chart

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Timothy Rhodes

Mobile: 604-341-9488

Phone: 604-921-1188 (AH office)

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Angell Hasman & Associates, Realty, Ltd

204 - 1544 Marine Drive West   Vancouver,,  BC   V7V 1H8 

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