Understanding Property Taxes In Nanaimo
Like the old saying goes, you can't escape death or taxes. And since you're reading this, let's talk about property taxes in Nanaimo.
With a few exceptions, here's how our residential property taxes work.
In 2013 the Nanaimo City Council determined that the residential tax rate needed would be a factor of 9.1135 for every $1000 of value assessed by BC. So if your home has an assessed value of $500,000 then your municipal tax rate would be $500,000/$1000 x 9.1135 or $4,556.75.
Note that this is the City tax only. Nanaimo also collects taxes for other agencies that provide services to the City, and those agencies are the ones that determine how much tax they need to fund their operations.
Your 'other' taxes from these agencies could include:
Municipal finance authority
Regional district of Nanaimo
Vancouver Island library
Parcel tax for the Regional District of Nanaimo
Here are the top 3 questions that come up about property taxes in Nanaimo:
1. What do I do if I haven't received my tax notice?
Property tax notices are sent out by the third week of May. If your notice is missing contact the City Finance Department at 250-755-4415.
2. I can't pay all of my property taxes - what should I do?
According to the City of Nanaimo:
You can claim your N&R Home Owner Grant without making a payment. A penalty will be applied to all current taxes outstanding as of the tax due date. An additional 5% penalty will be applied to all current taxes outstanding in mid August. No further penalties will be applied for the rest of the calendar year. On January 1st, all outstanding balances will be charged daily interest.
Also, the Property Tax Deferment Plan, administered by the Province of British Columbia, offers options to defer your property taxes.
3. If I can't pay my taxes will my house be auctioned off?
Your home will go to auction if you owe current, arrears and delinquent taxes as of the last Monday in September. You don't have to pay all three years worth of taxes to keep your property from going to auction, but you do need to pay the oldest delinquent taxes.
Be sure to contact the City of Nanaimo at 250-754-4251 or visit the City's website online.