Richmond Real Estate Market

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Richmond is an island city. It is made up of a number islands in the Fraser River delta. It is just one meter above sea level. It was prone to flooding, especially during high tide. Therefore, major islands are now surrounded by a system of dykes, which serve to protect the town. Also, since it occupies land in a river delta, the city has plenty of rich soil for agriculture. Richmond is a culturally unique community. As of 2021, the city has an estimated population of 209,937 people with 60 percent being immigrants, the highest proportion of immigrants in Canada. Majority of immigrants are Chinese. Richmond has been experiencing growth and change, transforming from a rural, local community to an international city with a balance of urban, suburban family and rural areas. The city is 20 minutes from downtown Vancouver and 25 minutes from US border. It’s the location of Vancouver’s international airport.  The SkyTrain, Canada Line, speeds up transit system and connects Richmond to other
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Property Tax

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Homeowners are responsible to pay a property tax each year. How is the amount you have to pay calculated? The amount you pay for property tax is based on two factors; the property tax rate and the property’s assessed value.

The property tax rate is calculated based on an annual budget required to fund important services used every day in the community. Also, if a property assessed value is over $3 million, an additional school tax rate is applied.

The assessment value is set by B.C. Assessment and published yearly. When the property’s assessed value changes, it may affect your property tax. However, it doesn’t mean property tax will increase once your property’s assessed value goes up. The most important factor is not how much assessed value has changed, but how assessed value has changed relative to the average change for your property class in your municipality. If your property’s value is lower than the average change for the property class, your property tax will likely decrease. Only when your property’s value is higher than the average for the property class, would your property tax increase. More detail is available at https://info.bcassessment.ca/services-and-products/Pages/Property-Assessments-and-Property-Taxes.aspx

If your property is your principal residence, you are entitled to apply for the home owner grant each year. Furthermore, seniors, veterans, persons with a disability, persons living with a spouse or relative with a disability and a spouse or relative of a deceased owner can apply for an additional grant on the top of basic home grant. For more information, please visit https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/home-owner-grant

For more information regarding property taxes, please click here or contact me at awang@macrealty.com 

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