Average Residential Property Value
This year BC Assessment reports an average increase of 20-25% for most properties on Bowen Island. There are 1,740 single family dwellings on Bowen, each with an average value of $960,000. This roll value is preliminary however, and may change based on the outcome of potential appeals launched by property owners. Page 5 of 9 2017-2021 Progress Report on Development of 2017 Financial Plan January 23, 2017 Regular Council Meeting Impact to the Average Homeowner: The tax impact to the average homeowner based on the preliminary roll value, and the proposed effective tax increase of 2.5% is illustrated by the following table:
Amounts Collected for other Taxation Authorities
The other taxing authorities, Translink, Islands Trust, Provincial School and Police taxes will be added to tax bills. It is too early to estimate the added costs of those additional taxes, the final budgets for these organizations are currently in the process of adoption, and requisitions sent to the Municipality in March or April.
Paying Your Property Taxes
Property Taxes for 2017 are due on Tuesday, July 4, 2017 by 4:30 pm. A 5% Late Payment Penalty will be applied to any unpaid 2017 taxes, including unclaimed Home Owner Grant amounts after the due date. An additional 5% Penalty will be applied to all unpaid current taxes on August 3, 2017.
Methods of Payment include:
Mail your Cheque – to Municipal Hall 981 Artisan Lane, Bowen Island, BC V0N 1G2
Pay in Person – at Municipal Hall Monday to Friday 8:30 am – 4:30 pm, closed for statutory holidays
After Hours Drop Off - please use the mail slot located in the door on the porch at Municipal Hall
Online banking – available at most major Canadian financial institutions
**NEW FOR 2016** CREDIT CARD PAYMENTS MAY BE MADE ON-LINE
Third party service provider PLASTIQ offers credit card payment processing of Bowen Island Municipality Property Tax and Utility Payments. Please see important information below regarding the use of third party service providers.
To make a payment by credit card, you may visit PLASTIQ on line at bimbc-tax.plastiq.com. Ensure you have your property tax folio number or your utility account number.
Important Information regarding the use of Plastiq, or other Third Party Service Providers:
- Bowen Island Municipality neither endorses, nor has an established business relationship with Plastiq or any other third party payment providers. This information is being provided for the convenience of those property owners who wish to use a credit card to pay for property taxes and utility charges only.
- You will be charged a fee by Plastiq, or other third-party payment service providers should you choose to use the service.
- Additional cash advance or other fees may be charged by your credit card company. The transaction may not be eligible for air miles or other rewards. Please contact your credit card provider to confirm reward eligibility or if additional fees apply.
- You will be required to create an account with the third party payment processor, and agree to the third party’s terms and conditions to use the service.
- The transaction is not instantaneous. The transfer will typically take up to 7 days but could be longer. You are responsible to ensure that your payment is received by the due date; otherwise, Bowen Island Municipality will charge a late payment penalty of 5% on unpaid taxes.
- Eligible property owners must still apply for their homeowner grant. Drop your application off at Municipal Hall , or claim ONLINE before the due date to avoid late payment penalty.
Questions about your BIM Tax Notice? Please contact us.
Home Owner Grants
The purpose of the Home Owner Grant Program is to reduce the burden of residential property taxes on registered owners who occupy eligible residences.
The Home Owner Grant is a provincial subsidy program. Property owners must meet the eligibility requirements and complete an application each year. Any application that is incomplete, unclaimed or late will result in penalty charges (see above for details). Grants that are not paid are considered equivalent to unpaid taxes and subject to penalty charges.
If you have an arrangement with your mortgage company to pay your taxes on your behalf, you are still responsible for claiming your Home Owner Grant.
2017 Home Owner Grant - Frequently Asked Questions
What is the Home Owner Grant?
The home owner grant reduces the amount of property taxes you pay for your principal residence. It is available to homeowners in British Columbia (BC) who pay their property taxes to a municipality or to the province if they live in a rural area.
Who qualifies for the home owner grant?
To qualify for the grant you must meet all of the following requirements:
- be the registered owner of the residence, or the spouse or relative of the deceased owner and at the date the owner passed away you both occupied the residence as your principal residence,
- be a Canadian citizen or permanent resident of Canada,
- live in BC, and
- occupy the residence as your principal residence.
What is considered to be my principal residence?
Your principal residence is the usual place that you make your home. It is where you live and conduct your daily affairs, like paying bills and receiving mail, and it is generally the residence used in your government records for things like your income tax, medical services plan, driver's licence and vehicle registration.
You can have only one principal residence. If you own more than one home, you cannot designate which one is your principal residence.
I forgot to apply for the home owner grant. Can I apply for a previous year?
You can apply for last year’s grant retroactively if you qualified for the grant on December 31st of last year (see above) and you are still the registered owner. If the property taxes for last year have been paid, you must have paid those taxes.
My financial institution pays my mortgage, do I have to fill out the grant application?
Your financial institution may send in payment for your property taxes but they do not apply for the home owner grant on your behalf.
What is the home owner grant threshold, and why does it change?
The home owner grant threshold is currently $1.6 million. If the residential value or partitioned value of a property is over the threshold, the grant amount is reduced by $5 for each $1,000 of value over the threshold. The threshold is reviewed each year as part of the provincial budget process.
Do I qualify for the higher (additional) grant amount?
You may qualify for the higher grant amount, if you are one of the following.
- A senior aged 65 or older in this calendar year
- Receiving provincial disability assistance, hardship assistance or a supplement under the Employment and Assistance for Persons with Disabilities Act
- A person with disabilities or you are living with a spouse or relative with disabilities
- The surviving spouse of a veteran who received a War Veterans Allowance
- A spouse or relative of a deceased owner who passed away this year and the owner would have been eligible as a senior or a person with disabilities
Do we all have to sign the application if more than one of us owns the property?
Only one qualifying owner can claim a grant for a residence each year. The owner who qualifies for the higher grant amount should be the one to apply.
Can another person apply for the home owner grant on my behalf?
You can give someone (e.g. a family member) verbal or written permission to apply for the grant on your behalf.
Why do I need to complete the home owner grant application every year?
If you qualify for the home owner grant, you must apply each year to receive it. Your circumstance may change (e.g. you may move but still own the residence) so last year’s information cannot be relied on for this year’s grant.
Why am I charged a penalty for submitting a late home owner grant application?
The payment of your property taxes must be received by the due date stated on your property tax notice. The home owner grant is a form of payment towards your property taxes. Therefore, if you apply late, it is the same as making a late payment.
Home Owner Grant Administration
Toll-free: 1 888 355-2700
This information is provided for your convenience and guidance and is not a replacement for the legislation.
How your Taxes are calculated
Municipal Property taxes are calculated by dividing the assessment value for your property by 1,000 and multiplying that figure by the tax rate established for your property class.
There are a number of factors that affect your property taxes on a particular property:
- Changes in assessed value
- Changes in the Municipality's property tax rate
- Changes in other taxing authorities' tax rate
Why does the Municipality collect taxes for other agencies?
The Municipality is required by the Province to collect taxes on behalf of other taxing authorities and in turn remits these taxes directly. These agencies include the Municipal Finance Authority, BC Assessment, Islands Trust, Metro Vancouver, Translink and the Province of BC for School taxes. The Municipality has no control over the amounts levied as the agencies determine their own rates based on their own budgetary requirements.
Why did my taxes go up more than the approved property tax increase?
If the changes in your property value are higher than the average change in your property class your taxes payable may be higher than the approved property tax increase. Similarly, if the changes to your property value are lower relative to the average change in your class, you may see a reduction in your taxes payable.
Deferring Your Property Taxes
Some Bowen Island Residents may be eligible to defer their property taxes for the current tax year. Please visit the the Province of BC webpage for further information. Please note that a Late Payment Penalty (see above) will be applied to any unpaid current taxes that are not approved by the Province's deferral program.
How your property is assessed
BC Assessment is an independent provincial crown corporation that determines the values of all properties in British Columbia. When establishing the market value of a property, BCA considers factors including real estate market, location, size, age and condition of buildings. Your assessment is based on the valuation of your property as of July 1st of the previous year and all owners are mailed their Property Assessment Notice by December 31st of each year.
Please visit BC Assessment for further information about your property assessment.
BC Lands & Title
Please visit BC Lands & Title for further information about you property Lands & Title information.