Victoria, BC Property Tax Calculator

Understanding Victoria Property Taxes

Victoria’s residential property tax rate of approximately 0.42% is among the lowest in Canada, comparable to other BC cities like Vancouver and Surrey. The rate is set annually by Victoria City Council during the budget process and includes the municipal portion, the regional district levy (Capital Regional District), the school tax, BC Assessment authority levy, the Municipal Finance Authority levy, and other smaller components. BC’s property tax system funds many of the same services as municipal taxes in other provinces, but the province also charges a separate annual school tax which is included in the property tax bill.

As BC’s capital city, Victoria has a tightly constrained land supply because of its location on the southern tip of Vancouver Island. This geographic limit, combined with the city’s mild climate and appeal to retirees, has driven property values significantly higher over the past two decades. BC Assessment, the provincial assessment authority, determines property values as of July 1 of the previous year. Victoria homeowners benefit from the BC Home Owner Grant, which can reduce the basic property tax by up to $570 for principal residences valued below the grant threshold, with additional grants available for seniors aged 65+ and persons with disabilities.

Victoria Property Tax vs. Other BC Cities

Victoria offers the BC Property Tax Deferment Program, which allows seniors aged 55+ and families with children to defer all or part of their property taxes through a low-interest provincial loan. The deferred amount is registered as a lien against the property and repaid when the home is sold or transferred. Property owners who disagree with their BC Assessment notice can file an appeal with the Property Assessment Review Panel before January 31. Victoria also imposes a Speculation and Vacancy Tax on non-resident owners of homes left empty, which is a provincial measure aimed at increasing housing supply.