Not everyone will pay no increase in property taxes in Port Coquitlam as assessments from last year’s property values will play a big role.
PoCo homeowners will benefit from council’s decision earlier this month to eliminate this year’s proposed tax increase – originally 0.48 per cent for the average home assessed at $735,185. However, a closer reading of the city’s tax cut initiative suggests this year’s tax bite will differ depending on property assessments.
While the average Port Coquitlam residential property assessed at $735,185 will see no increase in their tax bill from last year, the amount paid by each property will depend on how it compares to the average residential assessment ($735,185), along with how much its assessed value changed from the previous year.
Property assessments decreased an average of 8.97% overall for Port Coquitlam residential properties from 2019.
That means properties that were assessed at $735,185 — and whose assessment decreased by 8.97% (the average drop) or more — will see their taxes stay the same or go down, while those with a smaller drop in their assessment will see a tax increase.
To see what your property’s assessment drop was, check your assessment notice that was mailed out at the beginning of the year.
Still, the city’s mayor believes the measures adopted by council will go along way to helping PoCo residents.
In a statement Mayor Brad West said: “This provides some extra relief to the many Port Coquitlam residents and businesses that are experiencing financial hardship at this time.”
Port Coquitlam taxpayers have longer to pay their property taxes and utility bills after the city extended the deadline to Sept. 30.
It’s the third time deadlines have been extended for PoCo taxpayers since the COVID-19 pandemic started creating financial as well as health consequences for B.C. residents.
Now residents and businesses facing financial struggles due to the COVID-19 pandemic have until Sept. 30 to pay their 2020 taxes and utilities instead of a Sept. 2 date established just a few weeks ago and an earlier date of May 31 for water and sewer.
Port Moody has also approved a plan that will allow residents to defer payment of taxes until the end of September, before they’re assessed a late penalty of 5% on Oct. 1. The fine is also a reduction, from the standard 10%.
In Port Coquitlam, where the 2021/24 financial plan was approved at a virtual meeting on Tuesday. the deadline extension means no late fees will be charged on outstanding balances until after Sept. 30.
To prepare for any cash-flow issues that may arise over the summer – given that taxes and utilities make up about 85 per cent of the city’s revenue – the city adopted a temporary borrowing bylaw to borrow up to $30 million on Apr. 14.
Meanwhile, the deadline to claim the annual Home Owner Grant has also shifted to Sept. 30, with 2020 applications accepted starting in late May.
In Port Coquitlam, applications will be accepted at www.portcoquitlam.ca/e-h
