View the January 9, 2017 Executive Meeting of Council presentation by BC Assessment
BC Assessment recently notified some Abbotsford property owners that their property assessment will be significantly increasing for 2017. BC Assessment is a provincial Crown corporation that classifies and values all real property in British Columbia. Each year, BC Assessment sends property owners a Property Assessment Notice telling them the fair market value of their property as of the uniform valuation date of July 1 in the prior year.
How are Property Taxes Calculated?
Your property taxes are based on this formula: Net Assessed Property Value multiplied by Property Tax Rate equals Property Tax Bill.
The City collects property taxes to fund services such as recreation, parks, road infrastructure, fighting crime and fires. More information about the City budget is available online or contact the Finance Department.
For example – if your BC Assessment increases by 50%, this does not mean that your property taxes will also increase by 50%. For a clear understanding on how tax rates and assessed values are calculated, please watch this informational video by BC Assessment.
Those who received a notification letter from BC Assessment have assessments that reflect a significant change in value over last year. Only properties that have a significant change will receive a notification letter from BC Assessment.
All property assessments will be released to property owners in early January 2017 by BC Assessment. The BC Assessment Property Assessment Notice shows the property's value, class and applicable exemptions. This assessment is the basis used by taxing authorities for determining the share of municipal and provincial property taxes owners will pay.
Municipal property taxes are based on the assessed value of properties by BC Assessment. If your BC Assessment property value has changed, your new assessed value will be used to determine your property taxes for 2016. City Council has approved the 2017 budget, but council still needs to approve the tax bylaw. Tax rates (the rate used for calculating property taxes) will not be known until the Tax Bylaw is approved by Council in May 2017.
For information on how the assessed value affects property taxes, please watch this informative video that explains the process.
Property owners who wish to appeal their 2017 property assessment, will need to contact BC Assessment directly at 1-866-825-8322 before January 31, 2017. Please visit the BC Assessment website for more information on BC Assessment.
Frequently Asked Questions:
How are Property Taxes Calculated?
Your property taxes are based on this formula: Net Assessed Property Value multiplied by Property Tax Rate equals Property Tax Bill.
The City collects property taxes to fund services such as recreation, parks, road infrastructure, fighting crime and fires. More information about the City budget is available online or contact the Finance Department.
For example – if your BC Assessment increases by 50%, this does not mean that your property taxes will also increase by 50%. For a clear understanding on how tax rates and assessed values are calculated, please watch this informational video by BC Assessment.
How Does my Property's Assessed Value Affect my Tax Bill?
The value of property for tax purposes is determined by BC Assessment, which is established under provincial legislation and is independent of the municipality. Property assessment is the determination of a property’s market value as of July 1 each year. Annually, on December 31, BC Assessment mails to each property owner, a property assessment notice, which shows the property’s market value and other important information about the property. Questions regarding property assessments should be directed to BC Assessment.
Provincial and local governments use property assessments to determine what tax rate they must set to raise the revenue needed to pay for public services. Tax authorities set tax rates that are applied to the assessed value of properties, which is subsequently shown on your tax notice.
How do I Appeal my Assessment?
You cannot appeal your taxes, but you can appeal your assessment. Please review BC Assessment’s appeal process for deadlines and details. For more information on your assessment, contact the BC Assessment office at 1-866-825-8322 or by email at fraser.valley@bcassessment.ca.