BC Annual Property Taxes in British Columbia must be paid annually for each owned property (home and land), including manufactured homes. The amount of the Property Tax is based on the assessed value of the property * property tax rate.
BC Annual Property Taxes in British Columbia must be paid annually for each owned property (home and land), including manufactured homes. The amount of the Property Tax is based on the assessed value of the property * property tax rate.
Property Tax rate is different for each municipality. Municipal property tax rates are set based on the municipality’s budget needs, considering anticipated spending and other revenue sources. The specific rate for a year depends on the budget and total assessment base. Adjustments are made as needed for additional revenue or reductions.
The funds generated from these property taxes play a crucial role in financing various local programs and services including:
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- police and fire protection
- emergency rescue services
- road construction and maintenance
- garbage services
- recreation and community centers
- parks
- libraries
- schools
- hospitals