Wednesday, December 11, 2013

Understanding Your Advance Tax Notice

  • Advance property tax is part of the property tax you will need to pay the city this year.
  • Your advance tax is 50% of last year’s total property taxes after subtracting any grant amounts. Our calculations are rounded to the nearest dollar.
  • Advance tax notices are sent out in mid-November, and are always due on the second business day in February.
  • If your mortgage lender is paying your property taxes on your behalf it is important to ensure that they have received a copy of your tax notice and will be paying your taxes on time. 

Things you should know when paying your advance tax notice:
  • The home owner grant is claimed in July when you pay your main tax bill. In February, you do not claim your home owner grant. 
  • You do not need a copy of your advance tax bill to make a payment. Your balance can be found online using our property inquiry tool
  • If you sell a property and buy another in Vancouver, your folio number changes. Avoid paying taxes on your old property by updating your folio number on your banking website or with your mortgage company.
  • The City must receive your payment by the due date. Mailing your payment before the due date does not mean you have paid on time. You will be charged a penalty of 5% if your payment is not received by the City by the due date