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Property Taxation - Provincial Class Multiples for 2016 and Municipal Taxation Rate Cap for Class 2 Property for 2016

 

Circular No. 16:04
ARCS File#: 195-20

 

February 16, 2016

 

To: All Municipal Financial Administrators

Re: Property Taxation - Provincial Class Multiples for 2016 and Municipal Taxation Rate Cap for Class 2 Property for 2016


1. Provincial Class Multiples for 2016

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 2016 are unchanged from 2015. 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.

 

Sean Grant
Director, Local Government Finance

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