BC Property Tax
Kelly Hudson • April 7, 2021
BC Property Tax - What You Need to Know When Buying a Home
When you own, lease or gain an interest in a property (e.g. land, home, etc.) located in the province of B.C. you must pay property taxes for every year you own your home.
Property taxes in B.C. are due the first business day after July 1.
Home Owner Grant
The home owner grant reduces the amount of annual property tax you pay for your principal residence.
Find out what you may qualify for
as a B.C. resident.
If you buy a home at another time, for example in September, unless the property seller has stated they are responsible for pay property taxes in the Contract of Purchase and Sale, then you must pay your share of the year to avoid a penalty.
Consider these examples:
Before July 1
If you buy your home before July 1 or before the taxes are fully paid, you’ll receive the sellers part of the property taxes. You’ll be responsible for paying the total amount of the property taxes.
• Possession date: April 1
• Taxes: $3,500 less $570 (Home Owner’s Grant) = $2,930
• January 1 to April 1, 2015 is 90 days. $2,930.00 x 90 days = 26,370 ÷ 365 days in a year = $722.46
You’ll receive $722.46 from the seller towards total cost of the property taxes, which you will pay in full by July 1.
After July 1
If you buy your home after the seller has paid for the full tax year, you’ll have to reimburse them.
• Possession date: September 1
• Taxes: $3,500 less $570 (Home Owner’s Grant) = $2,930
• September 1 to December 31, 2013 is 122 days. $2,930 x 122 days = 35,746 ÷ 365 days in a year = $979.34
You’ll need to reimburse the seller $979.34 on the Statement of Adjustments to compensate them for already paying the taxes for the full year.
BC Property Tax updates:
February 16, 2021
Retroactive home owner grant applications for 2020 are now being accepted online. Learn more about applying for a retroactive grant and about other information updates at gov.bc.ca/homeownergrant
December 31, 2020
The home owner grant application process has changed.
Effective 2021, residents in municipalities no longer apply for the home owner grant through their municipal office. Everyone will now apply directly to the province using a new online system that’s easy to use and will process applications faster.
The system will be available in early 2021. Visit gov.bc.ca/homeownergrant
for more information.
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