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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, 2024 deadline. The BC Assessment website Appeals page has detailed information, including videos about property assessment, property taxes, and appeals.
"Vancouver Island’s real estate market has increased in value across all property types over the past year" per BC Assessment. "Increases of 15 to 35 percent are generally evident for single family dwellings, strata homes, industrial and commercial properties throughout the Island with notably larger percent increases in both central and northern Vancouver Island communities." The total assessment value of all properties in Lantzville increased by 34 percent.
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.
Is your home valued above $2.334 Million? The Province administers the home owner grant (HOG) program. Effective in 2021, eligible homeowners in all BC municipalities submit their annual HOG application directly to the Province on-line or over the phone. Applications for 2024 will open in May when the majority of property tax notices are mailed. Program details and eligibility requirements have not changed; however, the 2024 HOG threshold is set at $2.334 million. You may be able to claim the full regular grant amount if your property has an assessed or partitioned value of $2.334 million or less. For every $1,000 of assessed value above the $2.150 million million HOG threshold, your homeowner grant will be reduced by $5. For more information about the HOG threshold, visit the www.gov.bc.ca Home Owner Grant page or call 1.888.355.2700.