Chapter 19

Question 1

Under what conditions can someone in BC apply to defer 100% of the net property taxes on his or her principal place of residence under the regular program?

Answer 1

must have lived in BC for at least one year or
be at least 55 years of age
widow or widower or
a permanently physically disabled person

Question 2

While the general basis of assessment in BC is actual value, which is defined as market value, assessment based on other factors may be done to provide protection and relief for specified land uses, such as farm or forest land

Answer 2

True

Question 3

The actual value as of July 1, ___ becomes the tax base for 2013 property taxes

Answer 3

2012

Question 4

What person can request an assessment appeal?

Answer 4

1. the name of a person has been wrongfully included/omitted from the roll
2. a property has been wrongfully included/omitted from the roll
3. a property has been valued to high/low
4. a property has been incorrectly classified.
5. an exemption has been wrongfully allowed/disallowed

Question 5

Who determines actual value, and what tax purposes does it hold?

Answer 5

Actual value is determined by an assessor, and is calculated based on the value of land and improvements. This value, in thousands of dollars, can be multiplied by the tax rate to calculate real property taxes payable.

Question 6

How do you calculate real property taxes payable?

Answer 6

Real property taxes payable can be calculated by multiplying the actual value of the property (in thousands) by the appropriate tax rate.

Question 7

Besides determining the actual value of each parcel of taxable property, what other important task does an assessor do?

Answer 7

An important element of assessment is the assignment of a property class, or classes, to a parcel of taxable property. This is important because each class of property may attract a different tax rate.

Question 8

In BC, the liability to pay property taxes falls on the occupier of the property, whether that be the owner or a tenant.

Answer 8

False. In BC, the liability to pay property taxes generally falls on the owner of the interest in real property being taxed

Question 9

The two general categories of taxable property in BC are __ and __.

Answer 9

land and improvements

Question 10

What is an improvement?

Answer 10

An improvement is a structural addition to a land which can be considered to be a fixture.

Question 11

Where to unorganized (rural) are taxes apply?

Answer 11

Unorganized (rural) area taxes applies only in those areas of the province which have no municipal government.

Question 12

When are property assessment notices mailed to owners of real property?

Answer 12

December 31

Question 13

List a few principal taxation authorities

Answer 13

Municipalities, surveyors of taxes, Ministry of Education, BC Assessment, Municipal Finance Authority, and regional districts

Question 14

Which of the following classes of property are granted full or partial exemption from taxation?

Answer 14

Public libraries, university properties, cemeteries are exempt, but rural residential areas are not.

Question 15

Generally speaking, who is liable for paying real property tax?

Answer 15

The owner of the real property being taxed

Question 16

TF? The first avenue to dispute a property assessment notice is the Property Assessment Appeal Board.

Answer 16

False. The first avenue to dispute is the PA Review Panel

Question 17

Taxable value is

Answer 17

Equal to the actual value as determined by the assessor

Question 18

Under the School Act, the provincial government levies a tax on property to help pay for expenditures on education in the school districts throughout the province.

Answer 18

True

Question 19

What is the main factor for eligibility for the basic homeowner grant for property taxes?

Answer 19

The main factor for eligibility for the basic homeowner grant is that the owner occupies the property as his or her principal residence.