2022 Property Assessments Issued by BC Assessment
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The BC Assessment Authority has issued 2022 property assessments to property owners across British Columbia this week.
According to BC Assessment, residential property assessments in Cumberland (not including new growth) increased by 38.3%. BC Assessment reports that the typical 2022 assessment value of a single-family home is $727,000 as compared to $524,000 in 2021.
A significant change to your property’s assessed value does not necessarily result in a proportionately significant change in your property taxes.
The graphic below can help illustrate how assessments can impact property taxation:
Click on image to enlarge
It is less important how much a property’s value has changed in isolation, but rather how the assessed value has changed relative to the average change for the property class, e.g. residential.
Find out more how assessments relate to taxes on BC Assessment’s page on Your Assessment Notice and Property Taxes, including videos on understanding property assessments and property taxes.
2022 Property Tax and Rate Increases
The Village has determined the revenue necessary to pay for community services in 2022 through its budget process, which will be completed if Council adopts its 2022 Financial Plan Bylaw on January 10, 2022.
It is expected that the overall taxes and utility charges to an average single-family household for municipal purposes will increase 6% in 2022. This includes property taxes, parcel taxes and utility fees. Translated to dollars, currently proposed 2022 property taxes payable for municipal purposes, other taxing authorities, frontage and parcel taxes and utility fees are estimated to increase for an average single-family household by $221 ($18/month). Due to information not being available, these estimates use 2021 assessment values and taxes collected for other taxing authorities are estimated at a 5% increase in the above figures.
To view details of the 2022 Cumberland five-year financial plan refer to the Council agenda package from December 10, 2021 (beginning on pg. 116). To collect the necessary revenue, the Village will set the 2022 property tax rate based on 2022 property assessment values in April and May of 2022.
A portion of the taxes collected from growth in 2022 will be invested in a reserve that will help pay for policing when the Village’s population reaches 5000 people at which time the Village must pay 70% of policing costs.
Find out more about your property assessment from BC Assessment, including
If you’ve recently moved you can update your property information and change of address notification with BC Assessment. Please be sure to include your PO Box number if you use one.
If you haven’t received your assessment notice please contact 1-866 valueBC (1-866-825-8322).
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