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Blog by Irene Wong & Mike Mulligan

Property Tax 101

June 17th, 2009

What is property tax?

An annual local government tax levied on real property based on BC Assessment’s estimated market value. Local governments calculate the tax by dividing the annual budget by total assessed property values. In rural areas, the province assigns the tax rate. Rates vary among property classes: residential, business, light and heavy industry, farm, recreation, utility and ...