British Columbia uses the market value approach in assessing real property tax. All lands and buildings are assessed every two years by independent agencies and classified according to use. Tax rates for these properties are then set at 100% of market value. However, municipal councils can now help maintain stability and certainty within the taxation base during volatile real estate market conditions through averaging or phasing of land values. Advantages of both methods and factors to consider when deciding which option to apply are presented.
Averaging or phasing land values for the property tax rolls may help municipalities in British Columbia maintain stability and certainty in the ...