Property Assessment Increases
The last week has seen a lot of intense discussion on the increased property assessments that dropped through your mailbox in the last few days. The Langley Times provides a level headed editorial, here, reminding homeowners that their assessed value is only part of their property tax calculation – the multiplier is the ‘mill rate’. Mill rates across the Lower Mainland will be lower this year than last, some of them significantly. This means, even if your assessed value increased by 30+%, you needn’t worry that you actually property taxes will increase proportionally.