Local Government Property Value Taxes
Property value tax is a tax levied on the value of land and improvements (building and fixtures) and is the principal source of revenue for most local governments. Municipalities may levy property value taxes for their own needs, and they can levy taxes on behalf of other public authorities (for example, boards of education and hospitals).
Municipalities levy property value taxes based on the tax revenue needs set out in their annual budget (financial plan). Property value taxes are calculated by applying a set tax rate against the assessed value of a property.
Municipal tax rates are annually set by the municipal council, and the assessed values are set independently by BC Assessment. Property value taxes levied in rural areas (outside of municipalities) are set by the Provincial Surveyor of Taxes.
Other Government Authorities Property Value Taxation
In addition to levying taxes for their own purposes, municipalities also levy taxes each year for other public authorities (for example, boards of education and hospitals). Municipalities levy and collect the taxes, then remit the revenue to the appropriate public authority. The Provincial Surveyor of Taxes collects and remits property value taxes for other public authorities in rural areas (outside of municipalities).