2018-2022 Financial Plan

FINANCIAL PLAN OVERVIEW

Composition of Property Assessment Base The tax rate charged to the Residential class is relatively low when compared to the rate charged to the Business and Industry classes, so we need to keep an eye on the composition of our property tax base. The following chart shows the residential proportion of the assessment base in area municipalities. The range is from a low of 73.47% in the City of Langley to a high of 98.07% in West Vancouver. The chart also shows how this percentage has changed between 2009 and 2017.

Lower Mainland Municipalities % of Residential Class Property Assessment Values

Four area municipalities have seen a reduction in the proportion of the assessment base that is represented by Residential properties; 13, including Maple Ridge have shown an increase.

Lower Mainland Municipalities % Change in % of Residential Portion of Property Assessment Values from 2009—2017

One should be careful with conclusions that are reached by looking at this data. For instance, the changes could be simply the result of market value fluctuations rather than new construction. It is just one piece of information that should be kept in mind in Council’s deliberations.

Source: BC Assessment, 2010 and 2017 Revised Rolls

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