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2007 Taxes
2007 Tax Rate Bylaw, as of April 24,2007 council meeting (first three readings of tax rate bylaw):
Q: Wait a minute - i thought there was a tax rate increas for 2007 and yet, it appears my tax rate is LOWER than 2006 ?? A: The taxes you pay are based on your property assessed value, divided by 1000, muliplied by the tax rate - for example, a $ 450,000 home in Port Moody in 2007 would be taxes: 450,000/1000 = 450 * 3.0609 = 1377.41. In all likelihood, your $ 450,000 property was valued slightly less in 2006 - so last year if your property was assessed at $ 395,000 (a 14% increase in property value 2006 to 2007) then your taxes would not change in 2007.
If your property was valued less than 395,000 last year , meaning you have realized an increase in assessed property value of greater than 14% , your taxes WILL increase in 2007.
On average the taxes paid by a property owner will increase 4.9% in 2007 over 2006, so in this example , if your assesed value increased at the average rate for the city, you likely paid about $ 1315 in 2006 or about 60 dollars less.
The total assesed value of residential property in Port Moody for 2007 is 4,663,982,800 and there are 9832 residential properties, for an average of 474367.
Q: My tax bill is for more than what is showing above, whats up ?
A: Your tax bill includes charges for items other than city taxes - the above information includes General taxation (including police services which are shown seperately on your tax notice) and Storm Drainage. 2007 tax notices also include the Rec Centre Levy, which is a special levy created in 2003 to fund construction of the new/expanded recreation centre complex.
Other charges, which are not municipal charges, but are collected with your taxes:
- BCAA - BC Assessment taxes
- GVRD - Regional District taxes
- SCHOOL - School taxes
- GVTA/TRANSLINK - Translink taxes
While these are paid to the city, the monies are not retained in the city but forwarded to the entities.
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