The tax rate is expressed as a dollar amount on every $1,000 of assessed value. If the tax rate for residential property is 4, this means that taxes of $4 are charged on every $1,000 of assessed value. Property valued at $100,000 would thus be charged taxes of $400 (100 x $4).How are taxes calculated?
The formula for calculating taxes on property is tax rate times assessed value.
The British Columbia Assessment Authority determines the assessed value of property for tax purposes. The Authority is established under provincial legislation and is independent of the municipality. The District is not involved in determining assessed values. For more information on your assessment contact the BC Assessment office at:
Toll Free: 1-866-825-8322
Outside North America Number: 604-739-8588
Online Contact Form: https://www.bcassessment.ca/property/contact
BC Assessment's website (including assessment search and comparison tool): https://www.bcassessment.ca/
BC Assessment's YouTube channel: https://www.youtube.com/user/BCAssessmentVideos
Taxation on property is the primary source of municipal revenue. The provincial Community Charter sets out in detail the regulations for property taxation. The amount of money to be raised through taxation is set by Council through the budget process. Other aspects of the taxation process, such as the due date for taxes and the penalty on late taxes, are regulated by the Community Charter.
Council does not have the authority to adjust the taxes on individual properties. The taxes are set by the tax rate which applies to that class of property. For instance, if the tax rate for residential property is 4, then all residential properties must be charged this rate.
Your annual Tax Notice includes ALL property taxes - those imposed by the District and those imposed by other governing jurisdictions. The District collects taxes on behalf of others as follows:
School Taxes These are remitted to the Provincial Government Hospital These are remitted to the Hospital District RDNO These are remitted to the Regional District Multi-use Facility These are remitted to the Regional District Theatre These are remitted to the Regional District BC Assessment These are the BC Assessment Authority taxes M.F.A. These are the Municipal Finance Authority taxes OK Library These are taxes imposed by the Library Board
These tax levies are not set by the District of Coldstream but are collected by the District on behalf of those governing jurisdictions. This is more efficient and economical than each of these tax authorities sending individual tax notices. Coldstream Council sets the rates for District taxes only (General and Debt).
The annual Tax Notice has the Home Owner Grant Application form attached. This form must be completed EACH YEAR to claim the grant, if eligible.
Property taxes cover the fiscal year - January 1 to December 31 - and are due the first business day in July. Under the Community Charter, the municipality must charge a 10% penalty on late taxes, which is also applicable to the unclaimed Home Owner Grant portion of your taxes. Until the Home Owner Grant is claimed, that portion of the balance of your tax account is considered taxes outstanding.
- By cash, cheque, money order or debit card at the District Office. If paying by debit (Interac), please verify your daily withdrawal limit, as this may result in delays or rejected property tax payments.
- Visa and Mastercard Credit and Debit cards (with applicable fees through service provider). You will be asked for your ROLL NUMBER when entering payment information for your property taxes. This can be found on your tax notice.
- Make a Payment
- Over the counter at any financial institution in Canada, via telephone or internet banking. Check with your financial institution. By your mortgage company on your behalf (applicable if your mortgage number is printed on the property tax notice). By postdated cheque.
PLEASE NOTE: Changes to the Home Owner Grant Application Process
The B.C. Home Owner Grant reduces the amount of property tax you pay for your principal residence. Starting in May 2021, homeowners will now apply directly to the Province for the Home Owner Grant instead of through their municipal office.
Home Owners can apply for a Home Owner Grant by using the Province's new online system or by phone.
The new online system:
- helps ensure homeowners receive their full grant entitlement, including the additional grant for seniors or persons with a disability;
- is easy to use, only takes a few minutes to complete, and is faster than calling;
- keeps your information safe and secure; and
- helps reduce fraudulent applications.
Please note that although the homeowner grant application process has changed, the program details and eligibility requirements have not changed.
The Basic Home Owner Grant is currently $770 (includes the Northern & Rural Home Owner benefit), with the minimum property tax payments of $350 (see additional grant information below for seniors and persons with permanent physical disabilities, and for the low-income supplement program). To be eligible, you must:
- be a permanent resident of British Columbia. This means you (1) have all or most of your personal belongings in BC, (2) have (or are eligible for) BC medical insurance, (3) have (or are eligible for) a BC driver’s licence, (4) are able to register vehicles in BC, (5) file a BC income tax return, and (6) are entitled to vote in BC;
- be living in the house at the time you claim the grant; and
- be shown on the title as a registered owner.
One grant is allowed for each property, and you can claim the grant only once each year. When there are joint owners or multiple owners on title, any ONE owner on the title can claim the grant. If your mortgage company is paying your taxes, you must still apply for the grant through the Province.
Seniors and persons with permanent physical disabilities you may be eligible for an additional grant of up to $275, with the minimum tax payable of $100. If you are a person with disabilities or are the spouse or relative of a person with disabilities and that person lives with you, you may be eligible for the disability grant. The disability must be permanent and must require extensive physical assistance or costly modifications to the home to be eligible.
For more information about the Home Owner Grant application process including how to apply, visit https://gov.bc.ca/homeownergrant
or call 1-888-355-2700.
Tax deferment is a low-interest loan program that helps qualified B.C. homeowners pay their annual property taxes on their principal residence.
There are two property tax deferment programs available. They are the Regular Program (registered owner age 55 or over; a surviving spouse, or a qualifying handicapped person) and the Families with Children Program (Families with dependent Children under the age of 18 during the calendar year).
To see if you qualify for a tax deferment and to complete an application, please see the Province’s website or call 1-888-355-2700.
The District recognizes that the work performed by volunteer groups and organizations enhances the social, spiritual, cultural, educational and physical well-being of the community, and supports those groups through reductions in property taxation.