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Article: Property taxation in British Columbia and the city of Vancouver: averaging and phasing options for land valuation.
- Article from:
- Government Finance Review
- Article date:
- April 1, 1993
- Author:
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Copyright informationCOPYRIGHT 1993 Government Finance Officers Association. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Averaging or phasing land values for the property tax rolls may help municipalities in British Columbia maintain stability and certainty in the taxation base during periods of rapid change in local real estate market conditions.
Market value is the approach used for assessment of real property in British Columbia. An independent assessment agency appraises all land and buildings on a biennial basis and assigns them to several classes based on use, i.e., residential, utilities, industry, commercial, farm. The taxable values for each property class are then established at 100 percent of the market value. There are no fractional adjustments to these values.
Variable Tax Rates
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