Property tax rates
Property tax rates are the rate used to determine how much property tax you pay, based on the assessed value of your property. The tax rate applies to each $1,000 of net taxable value.
The property tax rate is different depending on the class of property you own.
Tax rates for property classes
How property tax rates are set
Property tax rates are set by:
- A general levy from the City
- Levies from other taxing authorities
City of Vancouver general levy
The general levy is:
- Based on a rate that applies to each $1,000 of net taxable value by property class
- Set for every taxable parcel of land, as defined on the BC Assessment roll, in a general purpose taxes rating bylaw
Every year the bylaw is passed by Council when they adopt our annual budget for the year.
This levy must raise enough revenue to pay all of our debts and obligations that are due that year.
Levies from other taxing authorities
Five other institutions get a portion of their annual revenue from property taxes:
- BC Government, for schools
- Metro Vancouver Regional District
- Municipal Finance Authority (MFA)
- BC Assessment (BCA)
Council has no control over the levies from other taxing authorities. We also don't control the way they are distributed to properties in the city.
However, to reduce the administrative cost of billing and collecting these other property taxes, we include these levies on the main tax notice sent to property owners each year.
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