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Tax Rates - Tax Calculation
Most taxes for an individual property are determined using a calculated tax rate and the assessed value of the property as determined by BC Assessment. The tax rate is expressed as dollars per one thousand dollars of assessed value. These taxes are value-based taxes because the amount billed increases as the assessed property value increases.
To calculate your assessment-based charges:
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multiply your property's assessed value by the tax rate for the charge |
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divide by 1,000
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| Each property classification has its own tax rate. For local service levies, the tax rates are multiples of the residential tax rate. For example, for the majority of levies, the tax rate for business-class properties is 2.45 times the residential rate, while industrial tax rates are 3.4 times higher than residential rates.
For 2009 and subsequent taxation years, an owner of class 4 property or class 5 property is entitled to a credit equal to 50% of the school taxes levied in the taxation year on the class 4 property or class 5 property.
Parcel or frontage taxes are billed to help pay for local services: |
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Parcel tax is a uniform amount billed on all properties that can be served by the particular service, such as water and sewer systems. |
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Frontage taxes are based on the amount of property that fronts on a public work, such as a water line.
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Traditionally, parcel and frontage taxes have been used to repay the installation costs of a water or sewer system. The annual operating costs are usually funded through user fees billed by the regional district. In recent years, however, parcel taxes have been used for other services where a uniform tax amount is preferred over a value-based tax.
Please see Estimating your Rural Property Tax for more information.
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