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Infrastructure &
Finance Division
 

Property Taxation - Provincial Class Multiples for 2014 and Municipal Taxation Rate Cap for Class 2 Property for 2014

 

Circular No. 14:06
ARCS File#: 195-20

 

February 28, 2014

 

To: All Municipal Financial Administrators

 

Re: Elimination of the Provincial Industrial Property Tax Credit for Class 5
(Light Industry) Properties


1. Provincial Class Multiples for 2014

 

Provincial class multiples to be used in setting tax rates for regional district requisitions (and improvement district requisitions, where applicable) levied on the hospital assessment base for 2014 are unchanged from 2013.  The multiples established by British Columbia Regulations 426/2003 and 439/2003 are as follows:

 

 

 

Property Class Class Multiple
1. Residential 1.0:1
2. Utilities 3.5:1
3. Supportive Housing 1.0:1
4. Major Industry 3.4:1
5. Light Industry  3.4:1
6. Business and Other 2.45:1
7. Managed Forest Land 3.0:1
8. Recreation/Non-Profit 1.0:1
9. Farm 1.0:1

 

                                     

The foregoing multiples are also to be used in setting tax rates for regional hospital district purposes
(B.C. Reg. 406/82).

 

2. Municipal Taxation Rate Cap for Class 2 Property for 2000 and Subsequent Years

 

Extract from B.C. Regulation 329/96:


2.  In setting the tax or levy rate for class 2 property for general municipal purposes, a municipality must not exceed the greater of:

  1. $40 for each $1,000 of assessed value, and
  2. 2.5 times the rate applicable to class 6 property for general municipal purposes in the municipality for the same taxation year."

Note that the term "general municipal revenue" is defined in the regulation.

 

For those municipalities specifically listed in the schedule to the regulation (copy of Schedule 4 attached), the maximum tax rate is different.  The tax rate is not to exceed the greater of the rate cap (column 1) or the value calculated as the product of the ratio cap (column 2) multiplied by the rate set for class 6 property.

 

Original signed by:

 

Karyn Scott
Director, Local Government Finance

 

Attachment

 

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