Interest on Property Tax Overpayment to Municipalities

Individuals that have overpaid their property taxes or successfully appealed their property assessment may be eligible for a tax overpayment refund with interest.

When an individual receives a tax overpayment refund, it will include any interest that has accumulated. Interest starts to accumulate 60 days after the date the overpayment was made. Section 239 of the Community Charter establishes interest rates for refunds of tax overpayments.

The interest rates for tax overpayments are calculated by subtracting two percent from the prime lending rate (as of the 15th of the month preceding the effective date) of the principal banker to the B.C. government. The Canadian Imperial Bank of Commerce is considered to be the B.C. government’s principal banker for interest rate reference purposes.

Current & Historical Municipal Interest Rates
Effective Starting Effective Ending Interest Rate
July 1, 2019 September 30, 2019 1.95%
April 1, 2019 June 30, 2019 1.95%
January 1, 2019 March 31, 2019 1.95%
October 1, 2018 January 1, 2019 1.70%
July 1, 2018 September 30, 2019 1.45%
April 1, 2018 June 30, 2018 1.45%
January 1, 2018 March 31, 2018 1.20%
October 1, 2017 December 31, 2017 1.20%
July 1, 2017 September 30, 2017 .70%
April 1, 2017 June 30, 2017 .70%
January 1, 2017 March 31, 2017 .70%
October 1, 2016 December 31, 2016 .70%
July 1, 2016 September 30, 2016 .70%
April 1, 2016 June 30, 2016 .70%
January 1, 2016 March 31, 2016 .70%
October 1, 2015 December 31, 2015 .70%
July 1, 2015 September 30, 2015 .85%
April 1, 2015 June 30, 2015 .85%
January 1, 2015 March 31, 2015 1.00%
October 1, 2014 December 31, 2014 1.00%
July 1, 2014 September 30, 2014 1.00%
April 1, 2014 June 30, 2014 1.00%
January 1, 2014 March 31, 2014 1.00%