Your residential property taxes are calculated by multiplying your assessed value by the tax rate and divided by 1,000. The residential tax rate is set by the City of Burnaby based on the total assessed value of all residential property to provide the residential share of necessary tax revenue to cover projected capital and operating expenses in their annual budgets.

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The Province's new housing policies have the potential to significantly increase the assessed value of Brentwood Park lots.

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Assessed Value

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Assessed values of property are based on the market value​ of a property as of July 1st of the previous year.  Market value is influenced by many factors, including the ability to build more density on a site. 

 

Currently, Brentwood Park properties are valued as single-family dwellings.  However, with 75% of the neighbourhood located within a TODA ring, permitted uses for these lots could eventually include up to 8 and 12-storey buildings.  The remaining 25% of the neighbourhood outside the TODA ring is envisioned to include 4-6 storey apartment buildings and townhomes.  

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Each year, BC Assessment considers the highest and best use of the lot when determining market value.  With higher density designated across all homes in Brentwood Park, assessments have the potential to increase exponentially as you could be taxed on the air space parcel above your home.  

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This is already happening in other parts of Burnaby where high density development is underway.   A home near the Lougheed Skytrain station has seen a 70% increase in his property taxes due to the development potential of his lot.   See link to article here. 

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Funding Growth

 

In the development industry, the traditional approach was based on a "growth-pays-for-growth" model where developers pay Development Cost Charges (DCC's) and Community Amenity Contributions (CAC's) to fund necessary infrastructure upgrades and community services needed as part of new development.

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New housing policies enacted by the NDP has forced municipalities to change this model, restricting the City's ability to collect DCC's and CAC's from developers through density bonusing and other methods.  As Brentwood Park is re-developed for higher density uses, existing infrastructure such as sewer and water pipes, storm-water systems, power supply and more will require upgrades or replacement.  Moreover, community services such as schools, recreation centres, daycares, and hospitals will have to be expanded or newly constructed as the population increases.   Because the developer is no longer required to fund all these costs, the burden of costs associated with new development will fall on the tax payer.  In other words, all taxpayers in Burnaby, including Brentwood Park residents, may end up paying higher taxes to fund high density growth in transit oriented development areas (TODA) like Brentwood Town Centre.  

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Property Tax Relief

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There are strategies that may help Brentwood Park residents avoid exponential property tax increases.

 

Please contact us to learn more.

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