2017 PROPERTY TAX PAYMENTS ARE DUE BEFORE 6:00 PM, TUESDAY, JULY 4, 2017.
Property taxes are the District’s largest revenue source and are critical to the health and livability of our municipality. Tax dollars help pay for many of our essential services, such as police, fire fighting, public works, and water and sewer services.
Property Tax Revenue also helps support a vibrant, healthy community by funding recreational programs, parks, and trails throughout the District.
Unpaid taxes and unclaimed Home Owner Grants at the close of business on July 4th will be subject to a 10% late penalty. Payment options include:
- In person at Municipal Hall.
- Open 8:30 am to 4:30 pm Monday through Friday and until 6 pm on Tuesday, July 4th. Closed Monday, July 3rd in lieu of the Canada Day stat.
- Drop slot available for after hours at the north entrance.
- Internet/Telephone Banking.
- Use the Roll Number as the account
- Mail your payment early with a July 4, 2017 post-dated cheque.
- Make cheques payable to “District of Lake Country”
- Home Owner Grants can be claimed online after you receive your property tax notice and before December 31, even if you are not paying your taxes at that time.
How does assessment relate to municipal taxes?
BC Assessment’s role is to determine the fair market value of properties. The property assessment is used to determine your share of taxes. Council’s role is to determine the amount of taxes required to operate the municipality and set the tax rate. The tax rate is set by bylaw and sets a rate for each class as defined on the BC Assessment Roll. This rate applies to each $1,000 of taxable value of land and improvements.
Each year, Council, during its budgetary process, approves the amount of revenue required to operate the municipality. From this amount they subtract the known revenues, such as grants, licences, permits and so on. The remainder represents the amount of money to be raised by property taxes.
Understanding the assessment process from BC Assessment is published as a resource to answer your questions. Find out more about agricultural uses and services that qualify land to be classified as a farm.
What if assessments go up or down?
As the market changes and reassessments are completed, assessed values tend to shift up and down. A shift in assessed values may not mean a general tax increase within the municipality. If total assessed values, before new growth, double in a municipality say from $100 to $200 million, and the amount of tax raised stays at $ 1 million, the municipality lowers the tax rate and in this example would drops the rate so that it still raises the same $1 million. In this case, if your property has increased in value the same as the municipal average, your taxes may remain the same.
Council approves the Tax Rates Bylaw about the 3rd week of May each year, tax notices are mailed to residents and are due the first working day in July each year. Because the District also serves as the collector for other taxing bodies your tax notice will show the taxes collected for Provincial Schools, Okanagan Regional Library, Regional Hospital District, Regional District of Central Okanagan and BC Assessment.
Penalties cannot be waived as they are mandated by Provincial Legislation.
Let us know about a change of address for mailing your tax notice.
Property Taxes Paid by a Mortgage Company
If your mortgage company or financial institution pays your taxes you will still receive a tax notice from the District. It is up to you to ensure the correct taxes are paid to the District and that the Provincial Home Owner Grant is claimed if you are eligible for it.
Selling your Property
The lawyer handling the sale of your property will allocate property taxes between the purchaser and vendor. Make sure to cancel your prepayment plan if you sell your property. If you have recently sold your property and receive a tax notice forward the tax notice to the new owner or return it to us and we will forward it.
If you are the registered owner of property within Lake Country and did not received your 2016 Property Tax Notice contact the Finance Department at (250) 766-5650.