2018 Property Assessments (July 2017)

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?

 

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.

...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.

How much property tax do you pay?

All of it.

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

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

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.

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

^ Correct.

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

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

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