With BC Assessment assessed values in for 2024, some may be thinking about what it means for property taxes.

And while assessed values are an important piece of your annual property taxes, it’s not exactly a straight line.

Kitimat's property taxes are a mix of a mill rate (also called a variable), which means a certain amount that is charged per $1,000 of assessed value of your home, and a flat tax.

This flat tax in Kitimat helps buffer changes in tax rates and in 2023 was set at $695. This flat tax applies to all residential properties.

Now, talking budget for a moment, Council determines each year what the overall tax increase should be. That's the increase of revenue Council determines is needed for municipal services.

Back in 2023, Council directed a tax increase of approximately four per cent for that year, but that doesn't necessarily mean your individual property tax goes up four per cent.

Just as an illustration, a home worth $345,000 (we pick this number because it was the 2023 typical assessed value from BC Assessment) paid $1,278.13 with mill rate and flat tax combined in the year 2022. Using 2023's rates, a property of the same value would pay $1,293.05.

Year	House value	Mill rate	Flat Tax	Total
2022	$345,000	$1.69024 / per $1,000	$695	$1,278.13
2023	$345,000	$1.73347 / per $1,000	$695	$1,293.05

That's a 1.16 per cent increase on that particular house, assuming no change in its value.

Of course, changes in your assessed value plays a big part in your tax notice. If the value of that property rose five per cent instead of staying the same, the 2023 property tax using the above figures would increase the municipal tax bill of the home 3.5 per cent from the year before.

Year	House value	Mill rate	Flat Tax	Total
2023	$362,250 (+5%)	$1.73347 / per $1,000	$695	$1,322.95

Just to wrap up this discussion, here's a few other things to know about your annual property tax bill:

• Municipal water and waste collection are each also a separately listed, fixed cost on your property tax bill.
• Kitimat collects taxes on behalf of other taxing authorities. That means the total on your bill also includes the regional district, school district, and North West Hospital District, among a few others.