Provincial and local governments use property assessments to determine what tax rate they must set to raise the revenue needed to pay for public services. Tax authorities set tax rates that are applied to the assessed value of properties, which is subsequently shown on your tax notice.
To better understand the relationship between property assessment and property taxes, visit BC Assessment's webpages:
- Property Assessments and Property Taxes: A not-so complicated relationship
- The Property Tax Equation
BC Assessment Authority
The assessed value of a property for tax purposes is determined by BC Assessment. As a publicly owned crown corporation of the Province of BC, BC Assessment is established under provincial legislation and is independent of the municipality.
Property assessment is the determination of a property’s market value as of July 1 each year.