Land Assessment Averaging
Each year Council considers whether to continue the use of land assessment averaging for the calculation of property taxes for properties in Class 1 Residential, Class 5 Light Industry, and Class 6 Business & Other.
Why do averaging
Averaging is intended to provide temporary relief to property owners by phasing in the tax impacts resulting from large, year-over-year changes in assessed land values over a number of years. This program is revenue neutral to the City of Vancouver, which means the total property tax levies collected with or without averaging are the same.
Who gets averaged?
Averaging has been in effect for residential and business properties since 1993, and for light industrial properties since 2007. Most residential, light industrial and business properties will be eligible for averaging. Eligibility criteria and other procedural requirements are set out in the Land Assessment Averaging Bylaw which must be submitted to Council for adoption before March 31 each year.
How does it work?
If the bylaw is adopted, the property taxes levied by the City and other taxing authorities will be calculated using an average of your assessed land value of the current year and prior two years, plus your current assessed property improvement value.
View or download the most current example of averaging impact (
PDF) showing the effect of averaging on sample properties for the year.
Key Dates for 2012
February 28, 2012 - Report to Council ( PDF) to consider the continuation of land assessment averaging in 2012.
March 27, 2012 - Council adoption of the 2012 Land Assessment Averaging Bylaw. ( PDF, 104KB)
Correction of Errors
For any year in which Council adopts land assessment averaging, an owner who receives notice, under section 403 of the Vancouver Charter, of adjustment to the net taxable value of the owner's property, and who wishes the Collector of Taxes to correct errors made in applying the by-law to such property, must file a request for correction with the Collector of Taxes on or before the last business day of July. Download the most current version of the Averaging Review Request Form ( PDF 84KB)
Contacts
For more information about the land assessment averaging program, please contact the Property Tax Office at 604.871.6893 or via email at propertytax@vancouver.ca.
Comments may also be directed to Mayor and Council: by mail to 453 West 12th Avenue, Vancouver BC V5Y 1V4, by email at mayorandcouncil@vancouver.ca, or in person at the City Finance and Services meeting on February 28, 2012 by contacting Tina Hildebrandt at 604.873.7268.
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