Property tax notices for Coquitlam home and business owners will be in the mail in late May.
On Monday (April 24), city council unanimously gave three readings to the 2023 Annual Tax Rates Bylaw that, when approved, will formalize the mill rates for the nine property classifications.
Councillors recently adopted the 2023 budget that will see property taxes for the average home rise by 5.48 per cent plus drainage levies increase by four per cent.
The taxes, which are due on July 4, are based on the property’s assessed value from the same month last year.
In her report to council, Michelle Hunt, Coquitlam's general manager of finance, lands and police, highlighted recent changes to the city’s tax program.
This year, Coquitlam property owners will be able to charge their taxes to their credit card — with a two per cent fee.
As well, the provincial government has increased the threshold for residents to be eligible for homeowner grants, from $1.9 million to $2.1 million; homeowner grants are $570, or $845 for seniors, veterans and people with disabilities.
And today (April 27), the city is set to hold its first Parcel Tax Review Panel in several years to authenticate the 2023 Parcel Tax Roll for the most recent local improvement service: lane paving between Rochester Avenue and Walls Avenue.
Still, she said, perhaps the biggest change for the municipality will be next year when the province’s new legislation kicks in for tax sales.
Hunt said city staff will have to send out up to 400 registered letters next spring to property owners with delinquent taxes to avoid a property sale. It’s believed the additional work will cost the city up to $30,000 in postage and administration.
The provincial Community Charter — the act that governs the way local governments operate — requires B.C. municipalities to adopt their annual tax bylaws by May 15.
