What taxes do property owners pay? – Metro Vancouver Real Estate Update 2012
What taxes do property owners pay?
Take a close look at your property tax notice. About 50% of the amount owing is levied by the local municipality. Municipalities are also required to collect the remainder for other taxing authorities and have no control over these levies.
Municipal tax — is set by council and staff in the local government’s annual budget process and is based on revenue needs for infrastructure and services.
Regional district tax — is set by the regional districts for key services such as regional water and sewage treatment. For example, Metro Vancouver tells their local governments what their revenue needs are, and the local governments collect on their behalf. In rural areas, the province (Surveyor of Taxes) collects for regional districts.
School tax — is set by the BC Government to fund schools and varies by local government. It’s paid by residential and non-residential property owners.
Hospital tax — is set by the regional hospital districts to help partially fund local health facilities. For example, in Metro Vancouver hospitals are funded by the province, not by property taxes. Outside Metro Vancouver, hospital taxes are still levied.
Other taxes — are set by local taxing authorities and collected by the local government to fund BC Assessment, the Municipal Finance Authority and TransLink.
For questions about taxes levied by other taxing authorities, contact:
- BC Assessment Authority, 604.241.1361
- Greater Vancouver Transportation Authority (TransLink), 604.453.4000
- Metro Vancouver, 604.432.6200
- Municipal Finance Authority, 250.383.1181 (Victoria)
- School Taxes, 250.590.0239, (Ministry of Finance, Victoria)
If you have any real estate questions or if you are thinking of buying or selling your home, please contact James Louie Chung, Metro Vancouver REALTOR® — Real Estate Agent at [email protected] or call / text ( 6 0 4 ) 7 1 9 — 6 3 2 8 today!