January 3, 2023 - With 2023 BC Property Assessments now released, we wanted to help clarify some frequently asked questions we are receiving. It is important to emphasize that 2023 assessments are based on July 1, 2022 market values, and that the real estate market has changed since these values were assessed. As a result, 2023 property assessments will likely be higher than what the current market value might be, but that will be the same for everyone in the community.
What does an increase in assessed value mean for your property taxes?
An increase in assessed value does not translate into an increase in property taxes. Property values do not affect how much tax revenue the City brings in, they only determine how the tax bill will be divided amongst residents. If your property value rose by more than average, your taxes will rise by more than the average increase. If your property value rose less than the average, your taxes will rise less than the average. Finalized average values will be available in the spring.
Assessments versus Property Taxes
Property assessments are separate from the municipal budget process. There is often a misconception that as property assessments increase, the City receives additional tax revenue. In actuality, the City only collects the amount of taxes required to pay the costs of its services budgeted in any given year. When property assessment values rise, the tax rate in each class is lowered to ensure no additional tax is collected. The only driver of the municipal property tax increase is an increase in the City’s budget.
2023 Property Taxes in Pitt Meadows
On December 13, Council concluded budget deliberations for 2023 approving a budget of $50 million with a combined property tax and utilities increase of 7.61%.
The recently issued BC Assessment Completed Roll shows the average residential assessment increase is 15%, which BC Assessment will update again in April at which time the City will be establishing the Tax Rate Bylaw. Homeowners experiencing the average property assessment increase will see a 7.61% general municipal tax and utility increase.
What to do with your Assessment?
It is important to check all details on the Property Assessment Notice. If you have questions about your property assessment, please call BC Assessment Authority to speak with an appraiser. If you still disagree with your assessment after talking with an appraiser, you can file a formal Notice of Complaint (Appeal). The deadline to file a Notice of Complaint is January 31, 2023.
BC Assessment contact information: 1-866-825-8322 or bcassessment.ca.
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