Cumberland village sign. (Vista stock image)
Cumberland property values are on the rise.
But homeowners in the village aren’t seeing a spike like they did last year.
The village says that, according to the BC Assessment changes map by jurisdiction, residential property assessments in Cumberland (not including new growth) have increased by 6.4 percent.
It’s nowhere near the 19.51 percent jump in 2019, the village says.
The typical assessment value of a single family home in Cumberland is now $493,000.
The BC Assessment Authority has issued 2020 property assessments to property owners across British Columbia this week.
In a release, the city says it has “has determined the revenue necessary to pay for community services in 2020 through its budget process.
The process will be completed when council adopts its financial plan bylaw on Monday.
For more on Cumberland’s five-year financial plan, click here.
To collect this revenue, the village will set the 2020 property tax rate based on 2020 property assessment values.
Cumberland council will consider property tax rates in April.
Any taxes collected from growth in 2020 will be put into a reserve that will help pay for policing when the village’s population reaches 5,000 people.
That’s when the village must pay 70 percent of policing costs.
If you haven’t received your assessment notice, call 1-866 valueBC (1-866-825-8322).