Effect of Consolidation on Property Taxes
When an assembly is consolidated into one lot:
- Assessed value goes up 10-15%
- Additional School Tax (AST) will likely become applicable
AST for Qualifying Residential Properties: 0.2% of value $3M to $4M and 0.4% over $4M.
As an example, let’s take 4 lots in Richmond as with each lot worths $3,000,000. Based on 2024’s mill rate on Class 01 which is 3.04, total tax will be approximately $36,488 (NO AST is applied).
If lots are consolidated, value will be increased to $13,800,000 approximately. Taxes will be approximately:
Base Tax: $41,962
AST: $41,200
$83,162
Please go to our website www.austinrealestateconsultants.ca for articles on various topics. If you or your clients have questions, call Peter at 604-733-3282.
Publications
- Effect of Consolidation on Property Taxes
- Expected Assessed Value Changes In 2024
- 2024 Property Assessment Value Changes
- Whistler and Pemberton 2023 Assessed Values
- 2023 Assessment Update
- 2023 Property Assessment Value Changes
- Expected Assessed Value Changes In 2023
- Potential Property Tax Relief For Local Businesses
- Reasons For Landlords To Appeal Their Property Assessments
- Developers need to Appeal the Additional School Tax (AST)
- 2022 Property Assessment Value Changes
- Misconceptions within the Property Assessment Process
- Additional School Tax Exemption for Developers
- Minimizing Property Tax on Development Land
- Assessment Of Residential Sites Under Construction
- Should Homebuilders Be Paying Additional School Tax?
- Development Sites: Is The Additional School Tax Applicable?
- Vancouver Vacancy Tax
- Resolving Disputes - A New Approach
- BC Foreign Investors Tax
- NAIOP Industrial Panel
- Opportunities for Brokers
- How are School Taxes Calculated? | doc