Terrace Property Tax Calculator 2024
Located in west central British Columbia, Terrace is a city along the Yellowhead highway in the Skeena region. The city has a population of over 12K residents and has seen a population growth of 3.2% from 2016 to 2021. As reported by the BC Northern Real Estate Board, the average selling price of homes in Terrace in the first nine months of 2023 was $463K. The real estate market of Terrace mainly consists of detached homes built on large plots and several vacant lots. Apartments and townhouses are rare in the city.
Terrace 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 Terrace 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 Terrace
| City | Final Tax Rate |
|---|---|
| Campbell River | 0.573307 % |
| Courtenay | 0.493650 % |
| Whistler | 0.242070 % |
| Port Alberni | 0.678035 % |
Terrace 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 Terrace from 2021 to 2024 | |||
|---|---|---|---|
| Year | Municipal Rate | Educational Rate | Final Tax Rate |
| 2024 | 0.472200% | 0.201550% | 0.796460% |
| 2023 | 0.427260% | 0.197110% | 0.748440% |
| 2022 | 0.411200% | 0.198890% | 0.740330% |
| 2021 | 0.446120% | 0.220370% | 0.806200% |
Terrace 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 Terrace's property tax department through the following methods:
| Phone number | 250-635-6311 |
|---|---|
| Contact Form | Terrace Property Tax Department Information |
Terrace 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 Terrace's property tax department through the following methods:
| Phone number |
|---|
| 250-635-6311 |
| Contact Form |
| Terrace Property Tax Department Information |
| Terrace at a Glance | |
|---|---|
| Province | British Columbia |
| Settled Year | 1892 |
| Established Year | 1907 |
| Incorporated Year | 1927 |
| Population | 12,017 (2021) |
| City Area | 57.33 km 2 (22.14 sq mi) |
| Official Website | Terrace 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.