Tax season.
Property tax rates in BC’s biggest cities.
For most cities in BC, property taxes are the main source of revenue. Every year on the first business day in July, homeowners across the province have to pay the piper. Property taxes vary from city to city, and you might be surprised when you see the rates across BC.
The data below is from 2021, and 2022 is shaping up to be an interesting year. The City of Vancouver announced in April that the decades-long push to shift taxes from businesses to residents will come to a halt, with rates coming down slightly from $2.92250 per $1 000 taxable value in 2021 to $2.69293 in 2022.
How property taxes are calculated.
It’s pretty straightforward. Property taxes in BC are a tax on land and property. You take the assessed value of your property on July 1 of the previous year, multiply that by the official property tax rate, and there you have it.
Property taxes in the top 10 largest cities in BC.
Below are the top 10 largest cities in BC based on population, along with their property taxes for a $500 000 home.
Read on to see further details, including the 2021 official property tax rate, and the tax you pay on every $1 000 of assessed value.
Vancouver
Property Tax for a $500 000 home: $1 460
2021 Official Property Tax Rate: 0.292065%
Tax per $1 000 of assessed value: $2.92
Burnaby
Property Tax for a $500 000 home: $1 585
2021 Official Property Tax Rate: 0.316900%
Tax per $1 000 of assessed value: $3.16
Richmond
Property Tax for a $500 000 home: $1 679
2021 Official Property Tax Rate: 0.335744%
Tax per $1 000 of assessed value: $3.35
Surrey
Property Tax for a $500 000 home: $1 709
2021 Official Property Tax Rate: 0.341716%
Tax per $1 000 of assessed value: $3.41
Coquitlam
Property Tax for a $500 000 home: $1 895
2021 Official Property Tax Rate: 0.379000%
Tax per $1 000 of assessed value: $3.79
Langley
Property Tax for a $500 000 home: $1 901
2021 Official Property Tax Rate: 0.380248%
Tax per $1 000 of assessed value: $3.80
Delta
Property Tax for a $500 000 home: $2 095
2021 Official Property Tax Rate: 0.419080%
Tax per $1 000 of assessed value: $4.19
Abbotsford
Property Tax for a $500 000 home: $2 439
2021 Official Property Tax Rate: 0.487802%
Tax per $1 000 of assessed value: $4.87
Saanich
Property Tax for a $500 000 home: $2 499
2021 Official Property Tax Rate: 0.499764%
Tax per $1 000 of assessed value: $4.99
Kelowna
Property Tax for a $500 000 home: $2 670
2021 Official Property Tax Rate: 0.534000%
Tax per $1 000 of assessed value: $5.34
*Property Tax Calculations are based on 2021 property tax rates.
**Source: WOWA
Source: https://www.rew.ca/news/tax-season
