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Property Assessment
You can also search the BC Assessment website to compare your assessment with neighbouring properties to get a sense of the values in your area. Review your notice carefully and contact BC Assessment immediately if you feel your assessment is incorrect or before submitting an official Notice of Complaint (Appeal) before the January 31 deadline. The BC Assessment website Appeals page has detailed information, including videos about property assessment, property taxes, and appeals.
Property taxes are calculated based on the assessment values set by BC Assessment. Your property taxes are based on this formula: Net Assessed Property Value/$1,000 multiplied by Property Tax Rate equals Property Tax Bill.
If you are a homeowner who received a higher-than-expected property assessment, you're likely wondering how it will affect your next property tax notice.
Here are three of the most common property tax myths explained.
1. Myth: My Assessment doubled, so my property taxes will too.
Fact: In general, if assessments go up overall, the tax rate will go down. Therefore, if your property assessment has increased by the same percentage as the average residential increase for the District of Lantzville then your property taxes will rise by only the amount of the tax increase which was set by Council through the budget process. However, if your property tax increase is above the average increase in assessment of the municipality, you could experience a more substantial increase.
2. Myth: Higher assessed values mean more money for the District.
Fact: Each year the District of Lantzville goes through an extensive budgeting process to determine the amount of funding required to "run" the municipality and its services. Tax rates are then adjusted to collect only the revenue needed from the assessment base.
If, for example, the District required the same amount of property tax revenue in Year 1 and Year 2 to operate the municipality and in Year 2 property assessment values increased significantly, then the tax rate would be adjusted downward so that the same amount of property tax revenue is collected in year 2 as in year 1.
3. Myth: I can appeal my BC Assessment through the District of Lantzville.
Fact: BC Assessment and the District of Lantzville are separate entities. If a property owner has received an assessment they do not agree with, they need to contact BC Assessment Authority directly to discuss and possibly appeal the assessment. The BC Assessment contact information is on the assessment notice.