Local Government Taxation
Property taxation is the main source of revenue for most local governments. Property taxation includes property value taxes (also called ad valorem taxes), parcel taxes, and local area service taxes.
Local Government Property Value Taxes
Property value tax is the principal source of revenue for most local governments. It is a tax levied on the value of land and improvements (i.e. building and fixtures). Municipalities may levy property value taxes for their own needs, and can levy taxes on behalf of other public authorities (for example, boards and hospitals).
Local Government Property Assessments & Classes
Taxable assessment represents the assessed value of land and improvements on which a municipality may levy property taxes. In British Columbia, property assessment is administered by BC Assessment, a Crown corporation that operates under the Assessment Act.
Parcel taxes are local government taxes levied based on the unit, frontage, or of area of a property.
Local Area Service Taxes
A municipality may provide a service within a portion of the municipality. Municipalities may recover all or part of the cost of a local area service by levying a local service tax on properties located within the boundaries of the local service area. This tax may be a property value tax or a parcel tax.