Ladysmith residents will be receiving their 2019 BC Assessment property assessment notices in the mail in the coming weeks.
Locally, assessed property values for the average single-family residential dwelling increased 11 per cent over the last year, or from $381,000 to $426,000.
BC Assessment, an independent, provincial Crown corporation, determined the market value of properties as of July 1, 2018.
The Town of Ladysmith would like to remind residents that the new property assessments do not automatically mean corresponding increases in your property taxes.
According to BC Assessment, properties with assessment changes below the average within their municipality or taxing jurisdiction could see a lower than average change in property taxes.
Similarly, those assessments above the average will see a higher than average change in property taxes.
The actual property tax rate will be determined by council using a formula that takes the total levy needed to make the budget and allocating it among all properties in Ladysmith.
Property owners can appeal their assessment through BC Assessment by January 31, 2019. Once the appeals are complete, the Town will receive the revised roll in the spring. Tax levies are based on this revised roll.
For more information on property taxes and assessments see here: https://www.ladysmith.ca/our-services/taxes-payments/property-taxes
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