Cranbrook Property Tax Calculator 2024
The City of Cranbrook is located in the Regional District of East Kootenay and is home to over 20K residents. The population of Cranbrook increased by 2.3% from 2016 to 2021. According to data from the Kootenay Association of Realtors, the average price of a home in the region for the month of August 2023 was $524K. Cranbrook‘s real estate market consists of a variety of property types, including single-family detached houses, bungalows, mansions, townhouses, and low-rise condominiums. Homes in Cranbrook are more traditional, and some are older, with builds dating back to the 1900s. Cranbrook property tax rates are the 53rd lowest property tax rates in BC for municipalities with a population greater than 10K.
Cranbrook property tax is based on the assessed value of your home. Every year, the BC Assessment conducts an evaluation of properties all over British Columbia. This assessed value can differ significantly from the market value of your property.Your final property tax amount is calculated by multiplying the Cranbrook final property tax rate for the year by the BC Assessment value.
You can calculate your property tax using either your home's assessed value or your home's most recent market price. Just enter the price and type of your property, and we will give you an instant property tax estimate.
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2024 Tax rates for Cities Near Cranbrook
| City | Final Tax Rate |
|---|---|
| Vernon | 0.512385 % |
| Kelowna | 0.423840 % |
| Chilliwack | 0.431464 % |
| Abbotsford | 0.395904 % |
Cranbrook Property Taxes
If you own or lease property or mobile homes in BC, you will be subject to paying property tax annually. The tax, paid to the municipality with rates varying based on the municipality you are in, is responsible for funding services such as police and fire protection, garbage collection, schools, and hospitals.
At the beginning of the year, you will receive a property assessment notice informing you of the property value as of July 1st of last year. You will then receive a tax notice that calculates how much tax you owe based on the assessed value, and it will then be your responsibility to pay the amount to the municipal office before the deadline.
The amount of property tax and its rates are based on how much funding is needed to provide services for the year; for example, if your community decides to start a new service, the higher cost may be reflected in your taxes. The amount also depends on other factors such as property classification and location.
Generally, your tax will consist of a Municipal Tax as determined by your municipality and a School Tax determined by the number of residences and their values in your district.
| Residential Property Tax Rate for Cranbrook from 2018 to 2024 | |||
|---|---|---|---|
| Year | Municipal Rate | Educational Rate | Final Tax Rate |
| 2024 | 0.582600% | 0.159930% | 0.796420% |
| 2023 | 0.562000% | 0.159210% | 0.770040% |
| 2022 | 0.592070% | 0.169910% | 0.814251% |
| 2021 | 0.696690% | 0.201190% | 0.950070% |
| 2020 | 0.718480% | 0.210290% | 0.973753% |
| 2019 | 0.746773% | 0.212321% | 0.993687% |
| 2018 | 0.754333% | 0.215667% | 1.008667% |
Cranbrook Property Tax Department Information
For any questions or inquiries about your property tax rate or property tax bill, you can reach out to the city of Cranbrook's property tax department through the following methods:
| Phone number | 800-728-2726 |
|---|---|
| info@cranbrook.ca |
Cranbrook Property Tax Department Information
For any questions or inquiries about your property tax rate or property tax bill, you can reach out to the city of Cranbrook's property tax department through the following methods:
| Phone number |
|---|
| 800-728-2726 |
| info@cranbrook.ca |
| Cranbrook at a Glance | |
|---|---|
| Province | British Columbia |
| Settled Year | 1890 |
| Established Year | 1898 |
| Incorporated Year | 1905 |
| Population | 20,499 |
| City Area | 32.00 km 2 (12.36 sq mi) |
| Official Website | Cranbrook Official Website |
Property Taxes in B.C. for a $500K B.C. Assessed Value Home*
Assessed Value of a Property
Every year, your property will be assessed by BC Assessment to determine its value, classification, and any exemptions it may be applicable for. The aspects used for the assessment include location, size, shape, usage, and age. Each year, the value of your property may increase or decrease depending on factors such as changes to its classification, market fluctuations, and renovations. If there are issues with the assessment, you may contact BC Assessment or have an independent appeal to the Property Assessment Review Panel (PARP).
Homeowners may find that the assessed value of their property differs significantly from its market price. There is also no way to retrieve and compare the assessed value of other properties.
Property Tax of Other Cities in British Columbia
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.