Averaging assessments over three years

The provincial government recognizes that the large increases in the value of waterfront properties has resulted in higher property taxes that are a hardship for some long term property owners. The Homeowners’ Grant and Property Tax Deferral programs partly address these impacts.

The Community Charter provides authority to municipalities to average assessments over three years under certain circumstances. (The City of Vancouver is the only municipality that currently averages assessments.)
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Assessment averaging and phasing options

198 (1) Instead of imposing tax rates on the assessed value of land, an annual property tax bylaw may impose rates applicable to one or more property classes by assessment averaging or assessment phasing in accordance with the regulations under subsection (2).
(2) For the purpose of allowing municipalities to moderate the impact of sudden changes in the assessed value of land, the Lieutenant Governor in Council may make regulations as follows:
(a) establishing formulas for determining modified assessed values that are to be used to impose property value taxes and authorizing variation of those formulas;
(b) exempting, or authorizing the exemption of, particular types of property within a property class, or of property in prescribed circumstances, from the application of a bylaw under this section;
(c) providing for a process to review and correct errors made in applying a bylaw under this section to any property;
(d) establishing restrictions, conditions and requirements relating to the imposition of tax rates under this section;
(e) in relation to taxes that are imposed under other enactments and collected by a municipality, providing that, despite the other enactments,
(i) the values imposed under this section apply, and
(ii) the rates to be imposed are to be determined using those values.

----------------- Assessment Averaging and Phasing Regulation