A Decreased Property Assessment Doesn't Necessarily Mean You Pay Less in Tax.


This is actually an old post that I'm re-sharing here. Many of my clients have has their assessed values decrease slightly this January for the first time in a several years. They've been wondering if this means that they will be paying less in property tax.

However, a decrease or increase in assessed value doesn't directly correspond with how much tax you will later pay. What your property tax bill DOES depend on is is how much your property assessment increased or decreased in comparison with others. So, in theory, if everyone's assessment doubled, everyone would continue to pay the same amount provided the government didn't increase the overall amount to be collected for their budget (i.e.the mill tax rate). However, if your property's assessed value double and everyone else stayed roughly the same, you could expect to pay more.

Contact me if you have any additional questions. Want to look up the assessment on a particular property? Go here.

#propertyassessment #propertytax #vancouver #vancouverrealestate #realestate #bcliving #homebuyers #housingmarket #realestatemarket

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