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2020 Tax Rates 2020 Property Tax Insert
The Town of Ladysmith is only responsible for determining a portion of your overall property taxes. Altogether, 41 per cent of your bill is set by other agencies to pay for services like schools, the Vancouver Island Regional Library, the Cowichan Valley Regional District and the Cowichan Regional Hospital fund. Sewer and water parcel taxes make up 21 per cent of taxes we collect and help to ensure the Town’s infrastructure is properly maintained.
*Click on pie chart to expand.
The value of your property is assessed by the B.C. Assessment Authority yearly.
Each January, BC Assessment Authority mails property assessment notices to the owners of 2+ million properties in the province. The notice contains your assessed value, which is the estimated market value of your property as of July 1st of the previous year, the property classification, and tax exemption status.
In Ladysmith, residential property assessments rose by 7% for 2021, with the average single-family home assessed at $476,000. However, this does not mean that your property tax will automatically increase. Here is how to tell if you property taxes will go up: if your assessment has increased more than the average assessment increase in your property class, then it is likely you will see a higher tax increase. The diagram below is taken from the BC Assessment website.
Questions relating to your property assessment should be referred to the B.C. Assessment Authority in Nanaimo (#300 - 125 Wallace Street, Nanaimo, BC V9R 5B2) at 1.800.977.2775 or 250.753.6621. For more information on the B.C. Assessment Authority, visit the BC Assessment website.
Property taxation is the most important single source of municipal revenue. The value of your property, as assessed by the B.C. Assessment Authority, is multiplied by the tax rates as set out by each of the taxing jurisdictions to determine your property taxes.
If you have questions regarding property taxes, please contact the Financial Services Department at 250.245.6414, ext 6206 or email firstname.lastname@example.org.
If you have any questions regarding your Tax Notice, please contact City Hall at 250.245.6400.