Property owners will receive their 2023 assessment notices from BC Assessment this January, and may be concerned about the change in their property’s value and how it may affect their property taxes.
It is important to understand how assessments affect – and do not affect – the property tax bill you will receive later this year.
The 2023 assessed values of single family residential properties in Burnaby increased by 10% on average, while strata properties increased by an average of 12%. While the value of your property may have increased, that does not necessarily mean you will pay more in property taxes in 2023.
The most important factor in determining how much you will pay in property taxes is not how much your assessed value has changed, but how the assessed value has changed compared to similar properties in Burnaby.
To learn more about how assessment value is tied to property taxes, watch this short explainer video from the City of Burnaby: https://www.youtube.com/watch?v=PBTLm019OfQ.