An increase in your assessment does not necessarily mean an increase in your property taxes. Property tax changes are generally impacted by your assessment’s change relative to your community’s average assessment change.
This video explains what could happen to your property taxes if your assessment is lower, higher or similar to the average change for your property class.
It was a cruel April Fools’ joke, but British Columbians began paying more tax on several things, Thursday.
Coming into effect on April1 were an increase to the carbon tax, a new soft drink tax, streaming tax – and, to make it all sting just a little bit more, MPs got a pay raise we’ll all paying for as well.
And so did MLAs.
The Canadian Taxpayers Federation notes that the B.C. carbon tax has gone up to $45 per tonne, and that can of pop will now cost you more because the provincial sales tax has been added, whereas food and drink products were previously exempt.
The 7% PST has also been added to vaping products and now also applies to streaming services like Netflix, Spotify and others.
“It’s now going to cost you more to get to work, more to heat your home and more to watch your favourite shows,” says Kris Sims, B.C. director for the CTF. “This is not an April Fools’ joke. It’s going to cost everyday people more to live their lives, and the taxman is going to get you even when you’re relaxing at the end of the day with a drink.”
MLAs are getting a 0.8% raise, bringing their base salary up to $111,912 a year. The raise had been paused last year because of the pandemic, but went ahead this year.
The new B.C. carbon tax rate equates to 9.9 cents per litre of gasoline, 12 cents per litre of diesel or 8.8 cents per cubic metre of natural gas. That’s about $12 on a typical pickup fill.
The streaming tax should rake in about $16 million per year.
The soft drink tax is forecast to collect more than $37 million.
In Ottawa, our MPs will receive an average of $3,200 more per year, while ministers will receive $4,700 and Prime Minister Justin Trudeau $6,400. Their raises are calculated against the average annual increase in private-sector union contracts.
This on top of a base salary of $182,600 for MPs, $269,800 for ministers, and $365,200 for the PM.
Franco Terrazzano, the CTF’s Alberta director, called the raises “a slap in the face to the many taxpayers who have taken a pay cut, lost their job or their business.”
The City of West Kelowna has handed taxpayers a bit of a break.
Council Tuesday agreed to reduce the proposed 2021 tax increase from 4.75 per cent to 4.05 per cent.
The lower rate came about as a result of reductions and amended supplemental requests through operational efficiencies in the 2021 budget.
Those were brought forward at the request of Mayor Gord Milsom, who suggested at the last meeting that staff take a second look at several new hirings included in the provisional budget.
The tax increase also includes a one per cent infrastructure tax designed to accelerate road, active transportation and drainage improvements pegged at nearly $41 million.
Council also approved cash grants in aid to 21 community groups totalling more than $114,000, as well as in-kind grants of $314,000 to reduce facility, field and rink rentals for a dozen youth sports organizations and service clubs.
An online public engagement for the 2021 budget will take place next month.
Council will adopt the final budget in the spring.
Lake Country’s chief financial officer will present council with a 2021 financial plan which calls for a tax increase of at least 2 per cent.
And, in her report for next Tuesday’s special council meeting, Tanya Garost, writes there are “additional requests totaling 1.49 per cent council can consider adding to the base increase.”
The budget being brought forward includes a general increase of 1.19 per cent, along with a further 0.81 per cent hike to pay for five additional RCMP members approved as part of the 2020 budget.
The overall increased tax demand for 2021, as compared with a year ago is slightly more than $592,000, which would mean an overall increase of 4 per cent.
However, Garost says half of that, $296,202 will be offset by the additional taxation realized through assessment growth.
She added any discussion around the five-year financial plan must also include the impact COVID-19 had on the previous year’s budget and is expected to have in 2021.
“A grant has been received from senior levels of government to address the impacts that COVID-19 has had to the municipality,” she said in her report.
“The grant can be used to cover additional expenditures as well as revenue losses. Further discussion on the use of the grant will form part of the public meeting in January, 2021.”