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Starting in 2019, the provincial government will apply an additional school tax for properties assessed at $3 million and over.
As announced in the province's 2018 budget, this additional school tax will be applied to all residential properties in the province valued at $3 million and above, including:
- detached homes
- stratified condominium or townhouse units
- most vacant land
The additional tax rate is:
- 0.2% on the residential portion assessed between $3 million and $4 million
- 0.4% on the residential portion assessed at over $4 million
For mixed-use properties, only the residential portion of the property’s assessed value above $3 million will be taxable.
Impact on West Vancouver
The table below provides updated estimates based on the 2019 completed roll received from the BC Assessment Authority. The value of many of these properties is being appealed, and the appeal process should be completed by the end of March 2019. At that time, the BC Assessment Authority will issue a revised roll for 2019, and these numbers will be updated.
District of West Vancouver Assessed Values
|Taxable value||Number of tax rolls impacted BCA 2019 completed roll||2019 average additional tax||2019 total additional tax|
|Over $15 million||30||$63,447||$1,903,400|
|Total residential tax rolls valued at $3 million and above||5,651||$5,683||$32,115,431|