In addition to collecting taxes for municipal purposes, the City is also required to collect and remit taxes on behalf of other governments. One such tax is the Provincial School Tax. School tax is charged on every property in B.C. unless the property qualifies for an exemption. Starting in 2019, an Additional School Tax applies to most high-valued residential properties in the province, including:
Stratified condominium or townhouse units
Most vacant land
The Additional School Tax does not apply to non-stratified rental buildings with four or more housing units. For mixed-use properties, only the residential portion of the property’s assessed value above $3 million will be taxable.
The additional tax rate is:
0.2% on the residential portion assessed between $3 million and $4 million
0.4% tax rate on the residential portion assessed over $4 million