The City collects taxes from residents and businesses to pay for the day to day operations of the City as well as to set aside funding for City capital requirements. The City also collects levies and fees on behalf of other government authorities which are not within the City’s control, including: BC Assessment, Municipal Finance Authority, Greater Vancouver Regional District (GVRD), TransLink, and schools taxes collected on behalf of the Province of BC.
2016 Port Moody Tax Impact Summary
- approximately 25% of properties in Port Moody had 0% tax increase or decrease in taxes
- approximately 25% of properties had an increase of 0.01% to 4.98%
- approximately 50% of properties had an increase over 4.98%
Your total tax bill may have increased more than 4.98% because:
- Your tax bill includes levies of other government authorities which are outside the City’s control and are not included in the 4.98% municipal tax increase.
- The assessed value of your home increased more than the average home value increase of 13%.
- The B C. Assessment Authority, not the City of Port Moody, is the agency responsible for assessing your property.
- For information on your residential property assessment call B.C. Assessment Authority at 604.294.6441.
What factors contributed to the City of Port Moody’s 4.98% Property Tax increase?
- Uncontrollable costs such as increased utility charges (natural gas, hydro, etc.), fuel costs, contractual labour increases (regional settlements), and downloaded costs from higher governments.
- A 1% Asset Renewal Levy increase to provide funding for the replacement and renewal
of the City’s infrastructure.
- Technological and service improvements, and re-instatement of the community grant program.
City of Port Moody 2016 Residential Assessment Market Changes by Neighbourhood
Source: BC Assessment
2016 Assessment Summary
According to the B.C. Assessment Authority, in 2016 an average Class 1, residential property assessment increased by 13%. An average multi-family dwelling assessment (apartments, condos, townhouses, etc.) increased by 9%, and a single-family dwelling assessment increased by 16%.
Assessed Values & Property Taxes
Residential municipal property taxes are calculated based on the assessed value change of an average residential property. The average is derived from the average assessed value of all dwellings (houses, apartments, townhouses, etc.) In 2016, an average Port Moody residential assessment increased by 13%. Therefore, the property taxes of a residence that increased by 13% in assessed value increased by 4.98%, which is the Council approved tax increase for 2016 (based on the average household). If a property’s assessed value increased by more than 13%, its property taxes would have increased by more than 4.98%. If, however a property’s assessed value increased by less than 13%, or decreased, its property taxes increased by less than 4.98% or decreased overall.
The following table illustrates how assessment changes affect tax bills.
*Note: The figures are approximate (minor error margin) and depend on the extent of the increases in assessments (the higher the swing in assessment change, the higher the margin of error).
Source: Port Moody Financial Services Department
The following table illustrates several individual properties, their assessed value changes and corresponding changes in their tax levy: