Assessment notices, which Powell River property owners will receive in the next few days, are the first step on the road to paying property taxes, as well as providing an indication of a home’s value. Assessment notices inevitably make people think of local government budgets and what their taxes will be this year.
Local governments pay for public services through property taxes, which are based on assessed value. BC Assessment determines the market value of properties and sends property owners a property assessment notice. Then, tax authorities determine the property tax rate they will set to raise the revenue needed to pay for public services. The tax authorities apply this rate to the assessed value of properties and send property owners a tax notice.
For local government officials, the time between now and May, when budgets have to be adopted, will be a period of weighing expenses, looking for efficiencies and deciding how much residents and business owners will pay.