“I just looked at my property assessment and it went way up, way more than what I think selling cost is,” someone wrote on a Facebook group this week. “So I assume taxes will jump“No way my house increased in value by $70,000 in the last year. This is a flat-out tax grab.”Every year when assessments come out, some people complain about how it’s not fair they will have to pay more property taxes.
“Don’t panic,” he says. “Just because your property assessment increased it does not automatically mean that your taxes will increase. Here’s a short explanation on how the taxes are calculated.”Schroeder starts with a tiny fictional B.C. municipality with a city budget of $65,000 and a property tax roll of $7 million, to keep it simple.
If a home in this village is worth $300,000 the taxes are that price times 9.2857, divided by 1,000, which equals $2,786.