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Committee of the Whole/Documents/Tax Rate Options Presentation
Presentation

Tax Rate Options Presentation

April 12, 2022Pages 150–1628 sections

A slide deck for the April 12, 2022 Committee of the Whole meeting regarding property assessments and tax rate choices.

Date: April 12, 2022Average residential assessment in View Royal is $930,80060% of taxable properties are assessed below the average valueBusiness/Other (Class 6) count: 122 properties

Tax Rate Options

April 12, 2022 Committee of the Whole

Close-up of white puzzle pieces with one piece lifted, revealing an orange background
Close-up of white puzzle pieces with one piece lifted, revealing an orange background
Page 150–162

Overview

  • Property taxes 101
  • Property assessments context
  • Regional context
  • Scenario description
  • Scenario results
  • Choices
Page 150–162

Property taxes 101

  • Property assessments
  • Average or representative property
  • Tax burden
  • Tax revenue requirement
  • Tax ratios (multiples)
A square 15-puzzle with red and white tiles numbered 1 through 15 in a black frame
A square 15-puzzle with red and white tiles numbered 1 through 15 in a black frame
Page 150–162

Property assessments context

Property Class 2022 Count 2021 Average Assessment 2022 Average Assessment $ Chg % Chg
Single Family 2,410 $808,485 $1,034,399 $225,914 28%
Strata 1,366 $497,900 $582,965 $85,065 17%
Vacant, ALR, Farm, other 110 $2,668,986 $2,980,389 $311,403 12%
Total residential 3,886 $753,425 $930,796 $177,371 24%
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Property assessments context

Count of residential properties with assessed value between $1 and $2,200,000

Bar chart showing the distribution of residential property counts across various assessed value ranges from $0.0M to $2.0M
Bar chart showing the distribution of residential property counts across various assessed value ranges from $0.0M to $2.0M
  • Average residential assessment $930,800
  • 60% of taxable properties are assessed below the average
  • 40% of taxable properties are assessed above the average
Page 150–162

Property assessments context

Property Class 2022 Count 2021 Average Assessment 2022 Average Assessment $ Chg % Chg
Business/other 122 $2,431,552 $2,570,405 $138,853 6%

Count of business/other (Class 6) properties with assessed value between $1 and $4,000,000

Bar chart showing the distribution of business/other property counts across assessed value ranges from $0M to $4M
Bar chart showing the distribution of business/other property counts across assessed value ranges from $0M to $4M
  • 52% properties with assessed value less than $800,000
Page 150–162

Regional context

Schedule 1 Comparative Tax Ratios-Business Class

Source: Province of British Columbia Local Government Statistics, Municipal Tax Rates & Tax Burden 2022 Tax Rate Options

Dashboard of charts titled "Business Tax Ratios by Municipality and Year" comparing various municipalities including View Royal, Colwood, Saanich, and others, with a 2021 summary bar chart
Dashboard of charts titled "Business Tax Ratios by Municipality and Year" comparing various municipalities including View Royal, Colwood, Saanich, and others, with a 2021 summary bar chart
Page 150–162

Regional context

Schedule 2 Comparative Tax Ratios-Recreation Class

Source: Province of British Columbia Local Government Statistics, Municipal Tax Rates & Tax Burden 2022 Tax Rate Options

Dashboard of charts titled "Recreation Tax Ratios by Municipality and Year" comparing various municipalities including View Royal, Colwood, Highlands, and others, with a 2021 summary bar chart
Dashboard of charts titled "Recreation Tax Ratios by Municipality and Year" comparing various municipalities including View Royal, Colwood, Highlands, and others, with a 2021 summary bar chart
Page 150–162
Extracted from: 2022 04 12 Committee of the Whole Agenda - Agenda - Pdf