British Columbia: Update on school tax rates and property tax deadlines
Update on British Columbia’s recently announced changes to School Tax rates and Property Tax deadlines
On March 23, BC announced a 50% cut to the School Tax rate, which makes up a portion of each owner’s overall property tax bill. The Province has further revised these rates, and expanded the reduction to include recreation properties, non-profits, and Major Industrial properties. The overall reduction in the School Tax rate is now typically 70%, however it varies slightly by property class.
The overall impact of the tax reduction varies by municipality and generally ranges from 10% to 30% in total tax. Please reach out to your Tax Consultant if you would like a detailed estimate for your portfolio.
With respect to changes to Property Tax deadlines and late penalties we have built a comprehensive nation-wide database that is updated regularly. Each municipality is making decisions on late penalties and deadlines individually. It can be accessed here: https://www.altusgroup.com/services/insights/2020-property-tax-relief-covid19/
Major BC cities that have chosen to defer Property Tax payments are:
- Kelowna – Deferred to September 1
- Port Coquitlam – Deferred to September 2
- Township of Langley
- Residential: Two Deadlines – July 3 and November 17
- Commercial: Two Deadlines – October 1 and November 17
- Richmond – Deferred to September 2
- Vancouver – Deferred to September 30
- Victoria – Deferred to August 4