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2018 Property Assessments (July 2017)


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#41 tjv

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Posted 10 March 2018 - 02:23 PM

I am not sure where to put this, but according to this article CoV has the lowest property tax rate in the country:

 

http://www.moneysens...e-lowest-taxes/

 

I don't believe it, but is this true?

 



#42 Mike K.

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Posted 10 March 2018 - 03:24 PM

That data appears quite misleading. They’re using the average tax rate for a percentage of the average home value. That’s meaningless when you have such a high average value of homes and such a concentration of high density units.

Also, their data is a little odd. Do you know anyone who pays less than $1,000 per year in tax for their condo? I sure don’t, which makes me think their data factors in property tax for apartments, averaged out per unit. Granted I might be misunderstanding their data and if so please set me straight.

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#43 Nparker

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Posted 10 March 2018 - 03:30 PM

...Do you know anyone who pays less than $1,000 per year in tax for their condo?...

I certainly don't, not even close with the HOG.



#44 Mike K.

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Posted 10 March 2018 - 07:52 PM

How much property tax do you pay?

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#45 Sparky

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Posted 10 March 2018 - 07:53 PM

All of it.
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#46 tjv

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Posted 10 March 2018 - 07:56 PM

That data appears quite misleading. They’re using the average tax rate for a percentage of the average home value. That’s meaningless when you have such a high average value of homes and such a concentration of high density units.

Also, their data is a little odd. Do you know anyone who pays less than $1,000 per year in tax for their condo? I sure don’t, which makes me think their data factors in property tax for apartments, averaged out per unit. Granted I might be misunderstanding their data and if so please set me straight.

Well technically the mill rate is a percentage of assessed value

 

No idea what people with a condo pay, but a single person in a 1 bedroom condo uses the same services as I do alone in my home yet they pay a fraction of what I pay

 

I don't know anyone who pays $1000 per year



#47 Sparky

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Posted 11 March 2018 - 04:53 AM

The mill rate is a multiplier.  

 

You can easily fool around with the City of Victoria tax calculator and see that a residential property in the city of Victoria with an assessed value of around $173,000 would pay an annual property tax of about $1,000. I suppose there might be some lower end bachelor and one bedroom condos that might assess that low.

 

http://www.victoria..../estimator.html



#48 Sparky

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Posted 11 March 2018 - 05:03 AM

Oh and by the way, the website that says that Victoria has the lowest taxes is using a pretty hokey way of arriving at that claim.

 

Their ranking is based on the mill rate as it compares to incomes. Victoria has a low mill rate because it has a high total dollar value of real estate so the math is skewed. 

 

Fake news.


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#49 tjv

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Posted 11 March 2018 - 06:28 AM

The mill rate is a multiplier.

yes it is, but its also the same as a percentage of the accessed value of your house.  $6 per $1000 of assessed value is the same as 0.6% of assessed valued



#50 Sparky

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Posted 11 March 2018 - 06:51 AM

^ Correct.

#51 Mike K.

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Posted 12 March 2018 - 02:20 AM

Ok, that's what I thought. Bad math. The fact that the publication is called MoneySense is not lost on anyone.


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#52 tjv

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Posted 12 March 2018 - 08:12 AM

From what I recall most tax rates around the CRD are pretty typical.  I am still curious what will happen with the 2018 mill rates as property values continue to skyrocket



#53 Sparky

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Posted 12 March 2018 - 01:32 PM

The mill rate will fluctuate downward if the real estate prices increase and government spending stays the same. 

 

Here is the formula. 

 

amount to be raised  -divided by-  the total taxable assessment X 1,000 = Mil Rate

 

 http://www.maa.ca/pr...y/millrate.html



 



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