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How is your property tax calculated?

How is your Islands Trust property tax calculated?

Local Trust Areas

The amount of tax charged on a property in a local trust area depends on four factors: the assessed value, the mill rate, the type of property and the amount of tax revenue the Islands Trust Council needs from the Province (called the requisition amount) to fulfil its mandate.

The requisition amount ($7.7 million proposed for 2017-2018) will be divided by the total assessed value of all properties in the Islands Trust Area, (except Bowen Island) to develop a mill rate (the amount of tax payable per $1,000 of the assessed value of the property). The same mill rate is applied to every taxpayer in all local trust areas.

The classification of each property also affects the tax rate. In local trust areas, properties classified as residential, farm and recreation pay the same rate. Properties classified as business, managed forest, utilities and light and major industry pay more, based on multiples set by the Province.

Although Islands Trust is proposing no increase in revenue from property taxes this year from local trust areas the amount you pay in 2017 may go up or down depending where you live and changes you made to your property.

Unlike other local governments, the Islands Trust does not directly collect property tax. The Provincial Surveyor of Taxes sets the rates and collects the tax from Trust Area taxpayers based on the revenue that the Islands Trust Council requests.

Bowen Island Municipality

Each year, for Bowen Island, Islands Trust staff use the formula established by provincial legislation and Islands Trust Policy 7.2.vi. Municipal Tax Requisition Calculation to calculate the municipality’s tax contribution towards the cost of operations of Trust Council and the Trust Fund Board. Islands Trust reviews this calculation with the Bowen Island Municipality before requisitioning the amount from Bowen Island Municipality.

Special Property Tax Requisitions

Islands Trust Policy 6.3.ii Special Property Tax Requisition allows an individual local trust committee to request a special property tax for additional operations that are not included in the general operations of all local trust committees. Once approved by Trust Council, a requisition is made by Islands Trust to the Surveyor of Taxes who will calculate a mill rate for the additional tax requisition for taxpayers within that specific local trust area ($98,500 proposed for Salt Spring Island in the 2017-2018 budget proposal). The same mill rate is applied to every taxpayer in that local trust area.

For questions about your property assessment, you can call the number on your property assessment notice or visit the B.C. Assessment Authority website.

 

 

 

Page last updated: 23/10/17
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