Vancouver property tax is a key source of revenue for the City of Vancouver. Property owners in the city pay taxes to the municipality based on the assessed value of their property. The tax revenue is used to fund essential services, such as police and fire departments, schools, and public transportation, as well as infrastructure projects, such as road maintenance and the construction of new facilities.

The property tax system in Vancouver is based on the value of the property. The assessment of the value of the property is conducted by BC Assessment, an independent agency that is responsible for assessing the value of all properties in the province of British Columbia. BC Assessment uses a variety of factors to determine the value of a property, including its location, size, age, and condition.

The assessed value of the property is then used to calculate the amount of property tax that is owed. The tax rate is set by the City of Vancouver each year, and it is applied to the assessed value of the property to determine the tax owed. The tax rate is expressed as a percentage, and it varies depending on the type of property and its location.

For example, in 2021, the tax rate for residential properties in Vancouver was 0.24626%, while the tax rate for commercial properties was 4.50295%. The tax rate for non-market properties, such as schools, hospitals, and churches, is set at 0.5%. The tax rate is set annually by the City of Vancouver based on its budgetary requirements.

One of the key features of the Vancouver property tax system is the Home Owner Grant. The Home Owner Grant is a program that provides a reduction in property taxes for eligible homeowners. To be eligible for the Home Owner Grant, the homeowner must be a Canadian citizen or permanent resident and must occupy the property as their principal residence. The property must also have an assessed value of less than $1.625 million.

In 2021, the Home Owner Grant provided a reduction of up to $570 in property taxes for eligible homeowners. The amount of the grant is determined based on the assessed value of the property and the homeowner’s age. Homeowners who are over the age of 65 or who are disabled may be eligible for an additional grant of up to $845.

Another important feature of the Vancouver property tax system is the Tax Deferment Program. The Tax Deferment Program is a program that allows eligible homeowners to defer paying their property taxes until a later date. To be eligible for the program, the homeowner must be over the age of 55, a widow or widower, a person with disabilities, or a parent or guardian of a minor child.

The Tax Deferment Program is designed to help homeowners who are experiencing financial difficulties and who may have difficulty paying their property taxes. The program allows homeowners to defer paying their property taxes until they sell their home or until their estate is settled. Interest is charged on the deferred taxes, but the interest rate is lower than the rate charged by most lenders.

In addition to the Home Owner Grant and the Tax Deferment Program, there are other programs and exemptions available to Vancouver property owners. For example, owners of heritage properties may be eligible for a tax exemption or reduction. Owners of properties that are used for non-profit or charitable purposes may also be eligible for a tax exemption or reduction.