Additional school tax rate
The additional school tax rate applies to most high-valued residential properties in the province, including:
- Detached homes
- Stratified condominium or townhouse units
- Most residential class vacant land
The additional school tax rate only applies on the portion valued over $3 million. This rate is not applied to the first $3 million in value.
The additional school tax rate does not apply to non-stratified rental buildings with four or more housing units, such as apartment buildings. For mixed-use properties, the additional school tax rate applies to only the residential portion of the property that has an assessed value above $3 million.
The additional tax rate is:
- 0.2% on the residential portion assessed between $3 million and $4 million
- 0.4% on the residential portion assessed over $4 million
BC Assessment determines if the additional school tax rate applies to your property. If you believe your property should be exempt from the additional school tax rate, contact BC Assessment to discuss your concerns.