When you’re moving to a new area, it’s important to know how much the move is going to cost you, not just in the short term because of housing prices, but also in the long term because of things like property taxes. How much will property taxes cost in Clayton Heights in 2014? Let’s take a look at how property taxes in Surrey are calculated in order to help you estimate how much you will be paying each year for a home in this area.
What Your Property Taxes Pay For
Before looking at how much property taxes cost, sometimes it’s a good idea to get some perspective on the issue by considering what your taxes will be paying for. Property taxes in Surrey cover services such as garbage collection, road repair, drainage services, bus services, and schools. In addition, the City of Surrey levies a certain fee from every household as a general city property tax. When you live in Surrey, you will also pay some of your property taxes to B.C. Assessment, the Municipal Finance Authority, and the Greater Vancouver Regional District.
How Property Taxes Are Calculated in Surrey
Property tax prices in Surrey are determined according to two factors: the value of your property and the type of property in question. All homeowners fall under the Residential or Class 1 property type, which has the lowest taxation rate. To determine how much you pay, you will have to find out the assessed value of your land and improvements, as determined by B.C. Assessment. Once you have this number, divide it by 1,000 and multiply it by the rate for Class 1, which is 4.60163, to determine how much you will be charged for property taxes each year. For more on property tax rates, you can consult the City of Surrey’s property tax rate schedule information page.
What You Can Expect to Pay in Clayton Heights
The amount you pay for your property in Clayton Heights depends on the overall value of your property. As this is an area of Surrey that lies close to some Surrey golf courses like Northview Golf Course and Surrey Golf Club, property values tend to be higher in this area than in many other areas of Surrey.
Ways to Reduce the Amount You Pay for Property Taxes
Some British Columbia residents are eligible for the Provincial Home Owner Grant, which helps eligible residents by reducing the amount they have to pay for property taxes. This grant is available to seniors, veterans, and people with disabilities. For more on reducing your property taxes, consult the B.C. Government’s Home Owner Grant information page online.
Property taxes matter in Surrey real estate. Knowing how much you can expect to pay each year can help property shoppers know if a home is right for them or not. This can be a complex issue, so don’t be afraid to ask lots of questions. To learn more about Surrey property taxes, or to make an inquiry, you can visit the property tax information page on the City of Surrey’s website.