Understanding Property Assessments and Property Taxes

What does your new property assessment mean for your municipal property taxes in 2018? 

This week, BC Assessment released property assessment notices for 2018. Based on these assessments, the average single family home in North Cowichan had an assessment increase of 12.3%, from $348,535 to $391,292.  However, this does not mean your property taxes will go up by 12.3%.

North Cowichan is currently proposing a tax increase of 2.4% in 2018 (with the budget to be finalized this spring). This is an average tax increase. This means that for North Cowichan homeowners with a property assessment increase of less than 12.3%, your property tax increase will be less than 2.4%. If your assessment increase is more than 12.3%, your property tax increase will be more than 2.4%. And if your assessment increase is the average, 12.3%, your property tax increase will be 2.4% in 2018.

For more information about your 2018 property assessment, please visit the BC Assessment website or call 1-866-valueBC (1-866-825-8322). 

Looking for additional information? Check out the following resources from BC Assessment: