HOW DO YOUR PROPERTY TAXES MAKE A DIFFERENCE TO YOUR COMMUNITY?
Each property tax bill helps
pay for the important City services and initiatives that make Nanaimo a
community that is livable, environmentally sustainable and full of opportunity
for all generations and walks of life. There are two components to the annual
property tax increase – a general increase for City operations and a one per
cent increase of the annual contribution to the general asset management
How are my taxes calculated?
The City of Nanaimo
determines the tax rate based on what we need to balance the budget for the
year. Your tax bill is calculated based on your property’s assessed value,
which is determined by BC Assessment and then by the tax rate.
The City also collects taxes for other agencies that offer services in the City including:
- School District
- BC Assessment
- Municipal Finance Authority
- Regional District of Nanaimo (RDN)
- Vancouver Island Regional Library
- Parcel tax for RDN
These agencies determine a tax rate needed for their operations in a similar fashion as the City.
Your property is assessed by BC Assessment at $350,000 (the City of Nanaimo does NOT assess property values).
City Council determines the residential tax rate needed. For 2021 this rate is 7.1731 for every $1,000 assessed value.
Therefore $350,000/$1,000 x 7.1731 = $2,510.59 in Municipal taxes (plus a $20 parcel tax).
Did you know?
There are many revenue sources we use to cover the annual budget and one source is property taxes. Of all the sources of revenue the City collects, property taxes make up for about 58% of revenue in the 2022 Provisional Budget. See the graphic below for a breakdown of revenue sources.
I received a tax notice for a property that I no longer own, what should I do?
If you have the information of the new owner, you should forward the information to them.
My spouse/relative passed away. How do I get the name on the tax notice changed?
Any changes to the ownership of a property, including name changes, should be filed at the:
Victoria Land Title Office
Suite 200 -1321 Blanshard Street
Victoria, BC V8W 9J3
Phone:1-877-577-LTSA (5872) or 604-660-0380
I think that my taxes are too high, can I appeal them?
Each May tax rates are set by Council and all residential properties are taxed at the same rate. As mentioned above, if you wish to appeal your assessment, please contact BC Assessment.
How do I decide where my principal residence is?
A principal residence is the place that a person makes their home and conducts their daily affairs. If a person owns more than one home, they can’t designate which one is their principal residence.
What is the tax year?
The tax year runs for the calendar year, January to December.