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OTTER POINT VOLUNTEER FIRE DEPARTMENT

RELATIONSHIP OF PROPERTY TAXES TO PROPERTY ASSESSMENTS AND SERVICE COSTS

There continues to be some misunderstanding over the relationship of property taxes to property assessments and service costs. When assessments change and/or service costs change, taxes do not necessarily change as well. For example, as more development (such as subdivisions or the building of new homes) takes place in a service area, the total assessment value increases. In this case the service costs could raise without affecting taxes for an existing home. Hopefully, the following examples help explain these relationships.

Service can refer to any of the services or taxes listed on your tax notice eg: fire, school, hospitals Example of a service cost and taxes for a year Everybodies properties assessment UP 25%, service requisition no change Only individual property assessment UP 25%, service requisition no change Everybodies properties assessment no change, service requisition UP 25%
Specific Service requisition (cost): $       100,000.00 $              100,000.00 $             100,000.00 $                125,000.00
Tax Collection fee(5.5%):* $          5,500.00 $                 5,500.00 $                5,500.00 $                   6,875.00
Total Tax Requisition for specific Service: $       105,500.00 $              105,500.00 $             105,500.00 $                131,875.00
         
Total Assessed Value: $ 103,000,000.00 $         128,750,000.00 $       103,050,000.00 $         103,000,000.00
Tax Rate per $1,000: $             1.0243 $                    0.8194 $                   1.0238 $                      1.2803
         
         
Individual Property Assess Value: $       200,000.00 $              250,000.00 $              250,000.00 $                200,000.00
Individual taxes: $             204.85 $                    204.85 $                 256.07 $                      256.07
* BC Assessment Authority charge   big decrease in tax rate to offset increased assessment no change in taxes for anybody individual taxes up 25% very minor change in tax rate, less than 1/10 of a cent everyones taxes up 25% big change in tax rate to collect 25% more money from all
Tax Rate Calculation Per $1000
Tax Rate = Total Tax Requisition / (Total Assess / 1,000)
eg: $1.25 = $100,000 / ($80,000,000 / 1,000)
 
Individual Property Tax Calculation
Property Tax = Individual Property Assess / 1000 * Tax rate
eg: $250.00 = $200,000 / 1000 * $1.25