Home Owner’s Property Taxes

Home Owner’s Property Taxes

“The race is not always to the swift nor the battle to the strong, but that’s the way to bet”. Damon Runyan

I thought i’d do a few posts on property taxes.

Do you know what your property tax bill includes? Here’s what –

-Municipal Tax, which is set by the municipality and is based on revenue needs set by city council and staff in their annual budget. Revenue funds local infrastructure and services

-Regional District Tax, municipalities belong to a regional district, such as the GVRD. Regional services include water and sewer. Municipalities collect taxes for regional districts.

-School Tax, set by the BC Government to fund schools, this tax varies by school district and is paid by residential and non residential property owners

-Hospital tax, set by the BC Government to help fund health authorities. In the GVRD, hospitals are funded by the BC Government, not by property taxes

-Other Taxes – set by other local taxing authorities, but collected by the municipality to fund BC Assessment, the Municipal Finance Authority and TransLink

In fact, property taxes pay for Archives, Community Centres, Fire Departments, Historic Sites, Libraries, Local road maintenance, Museums, Parks, Police, Sewers, Skating rinks, Swimming pools and Water

Do you agree with what the governments spend your property taxes on?

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