Property Tax Scenario Analysis For Agricultural and Industrial Lands
in the Metro Vancouver Region
February 7th, 2014
PREPARED BY:
Colliers International
PREPARED FOR:
Metro Vancouver, Planning, Policy
And Environment Department
19th Floor, Granville Square 200 Granville Street
Vancouver, British Columbia
www.colliers.com
MAIN 604-681-4111
FAX 604-681-2309
February 7th, 2014
Metro Vancouver Planning, Policy and Environment Department
4330 Kingsway
Burnaby, British Columbia, V5H 4G8
Attention: Theresa Duynstee & Eric Aderneck
Metro Vancouver Planning, Policy and Environment
Re: Property Tax Scenarios within Metro Vancouver Regional District
Colliers International Valuations and Advisory Services have been retained by Metro Vancouver Planning, Policy,
and Environment Department to research the property tax implications of various land use scenarios within
municipalities throughout the Metro Vancouver Region.
In preparing this report, Colliers International has consulted with Theresa Duynstee and Eric Aderneck of the
Metro Vancouver Planning, Policy, and Environment Department; various individuals at the Vancouver Sea-to-
Sky, North Fraser, South Fraser, and Fraser Valley Offices of BC Assessment; and individuals with the property
tax departments of the concerned municipalities. Areas for further investigation were completed in conjunction
with Lawson Lundell LLP.
Where assessment data was unavailable, Colliers International has provided calculations and assumptions used to
compile conclusions reached. The conclusions contained in this report are designed to provide a general
overview of property tax in 2013. Should any of the facts or assumptions made in this report change, our opinion
of value would change accordingly.
Yours very truly,
Scott Bowden
COLLIERS INTERNATIONAL REALTY ADVISORS INC.
1
Table of Contents
Executive Summary ............................................................................. 3
Project Parameters .............................................................................. 6
Scenarios Requested .................................................................................................. 6
Assessment Classification .......................................................................................... 7
Municipal Mill Rates .................................................................................................... 9
Methods of Valuation .................................................................................................15
Highest and Best Use ................................................................................................ 19
Farm Land Classification .......................................................................................... 20
Agricultural Scenarios ........................................................................ 22
Scenario 1 Farm Class Status ............................................................................... 24
Scenario 2 Resident Type ...................................................................................... 31
Scenario 3 Improvement / Residential Building Value ......................................... 39
Scenario 4 2013 Improvement Value Revision ..................................................... 56
Scenario 5 Natural Features ................................................................................. 62
Scenario 6 Split Classification ............................................................................... 69
Scenario 7 Leased Land ........................................................................................ 75
Scenario 8 Property Classification ....................................................................... 80
Overall Conclusions for Agricultural Land Scenarios .............................................. 89
Industrial Scenarios ............................................................................ 90
Scenario 1 Older Single Tenant Warehouse .......................................................... 91
Scenario 2 New Single-Tenant Warehouse .......................................................... 93
Scenario 3 Modern Cross-Dock Facility Building ................................................. 95
Scenario 4 Single Level Multi-Tenant Flex Space ................................................ 98
Scenario 5 Two Level Multi-Tenant Flex Space ................................................. 102
Scenario 6 Multi-Level Industrial Building with Office ....................................... 106
Scenario 7 Office Business Park ........................................................................ 109
Scenario 8 Large Format Retail Development..................................................... 112
Scenario 9 Townhouse Development .................................................................. 114
Scenario 10 Low Rise Apartment Development .................................................. 117
Scenario 11 High Rise Apartment Development ................................................. 120
Comparison of Industrial Scenarios ....................................................................... 123
Overall Conclusions for Industrial Land Scenarios ................................................. 131
1
Areas for Further Investigation ........................................................ 132
Encouraging Active ALR Land Use: ....................................................................... 132
Encouraging Densification of Industrial Areas ....................................................... 133
Contingent and Limiting Conditions .................................................. 135
Colliers ,' ",." ~"'
Executive Summary Purpose of this report
This report illustrates the relationship between different types of properties and land uses and the resulting
property taxes. The purpose of compiling this information is to help determine if there are ways that property
taxation policies can be used to encourage the active farming of properties within the Agricultural Land Reserve
and to increase the densification of industrial lands.
Methodology
In determining the property taxes for the various scenarios studied, Colliers International undertook the following
exercises:
In consultation with BC Assessment and market research, documented the assessed values for the land
and improvement components of the scenarios.
Applied the corresponding municipal mill rate and other taxing jurisdictions for 2013, to the appropriate
component of value.
Totaled the various component parts of the scenarios to determine the overall property taxes.
Compared, using charts and graphs, the results by scenario and municipality.
Background Information
As part of this report, Colliers International has included background information explaining the various aspects of
property tax, including:
Information regarding the nine classifications of properties within the British Columbia property tax
system and the uses that dictate which classification(s) applies to properties.
A description of how millage rates are applied by municipalities, the legislation that give the
municipalities the authority to tax for certain services and detailed charts showing the allocation of the
overall millage rate to those budget considerations.
Information regarding the three methods of property valuation employed by BC Assessment to determine
the assessed value of a property.
A brief description of the concept of Highest and Best Use and how it is used by BC Assessment to
determine the assessed value of a property.
The distinct method used to determine the assessed value of farm land as dictated by BC Regulation
276/84.
Agricultural Scenario Results
The analysis of eight agricultural scenarios, and discussions with agents of the BC Assessment Authority
produced the following findings:
Properties with farm classification, whether they are in the ALR or outside of it, are given a highly
beneficial property assessment and tax rate.
Smaller properties with a non-farmer occupying the improvement, but leasing a majority of the parcel to
an active farmer, see a greater difference in property taxes associated with achieving farm class status
than larger parcels in the same situation (as the ratio of building-to-value varies by parcel size).
The value of residential improvements on a parcel has a significant effect on the property taxes,
especially for properties with newer or larger residential improvements.
The 2013 change in exemptions for farm buildings to 87.5% of assessed value creates a highly
beneficial property tax situation for owners of such improvements and should encourage additional
growth in intensive farming.
Generally, adjustments for unusable areas of a parcel, o
forested areas or riparian areas, are associated with a percentage of value and are consistently applied
by BC Assessment depending on the impact on value.
Properties tionately higher taxes than properties wholly used
for farming purposes.
Land leased to farmers is subject to beneficial property tax rates because the income from the sale of
agricultural products is based on all parcels the farmer manages that combine to form the farm.
Industrial Scenario Results
The analysis of 11 industrial scenarios, and discussions with agents of the BC Assessment Authority produced the
following findings:
Although properties with low site coverage are assessed at a higher value on a per square foot of
building than properties with higher site coverage, larger buildings generate higher property taxes as
values of improvements are greater than values of bare land.
Due to higher functionality, newer industrial buildings are able to achieve higher assessed values than
older industrial buildings and therefore pay more property taxes.
Depending on the impact on functionality, industrial buildings consisting of two levels would have a
higher property value and thus associated higher property taxes due to the greater amount of improved
space. This is true for properties improved with a second floor of industrial space or office space.
The density of a parcel, whether commercial or residential, had a significant impact on the property
taxes associated with that parcel. For properties developed to equal densities, those improved with
office, retail, or industrial developments pay higher property taxes compared to residential, due to the
difference in the millage rates applied by municipalities.
High density residential developments yielded the highest property taxes due to the significant amount of
density achieved, whereas on a building sq. ft. basis office and retail pay the highest rates.
SCENARIO REPORT FINAL COPY 2/27/2014 8:23 AM
Areas for Further Investigation
In consultation with Lawson Lundell LLP, Colliers International recommends further investigation into the
following policies which are designed to encourage active farming of properties within the Agricultural Land
Reserve and the densification of industrial development in designated industrial areas.
Agricultural
Increasing the agricultural product value threshold for farm properties to meet the Class 9 Farm
criteria.
Using Partnership Agreements as set out in the Community Charter Section 225; c
agricultural product production. Those properties
that meet a certain quota may be granted greater property tax considerations.
Review incentives for property transfer tax, property tax exemptions, or property tax rates to encourage
the consolidation of ALR parcels for intensive farming.
applied to recover beneficial tax incentives.
Industrial
Set lower tax rates for Class 5 Light Industry properties.
Using Partnership Agreements as set out in the Community Charter section 225, s
property tax exemptions for higher density buildings. The tax incentive is to encourage new
developments to maximize potential intensities. The ability for municipalities to incent intensive
development on a property by property basis ensures that it aligns with municipal goals.
Expand the scope of Class 5 Light Industrial to include additional accessory uses, which are able to
function in buildings that achieve much higher densities then traditional industrial uses.
Encourage, through zoning and planning guidelines, higher density industrial uses
Increase allowable density and site coverage to permit higher density industrial land use.
6
Project Parameters
Scenarios Requested
The purpose of this report is to provide a clear and concise description of how municipal property taxes (and
other property levies) are determined and to calculate the property taxes for different agricultural and industrial
land use scenarios for several municipalities across the Metro Vancouver region.
On December 9th, 2013 Colliers International met with Metro Vancouver to discuss the various scenarios. The 19
scenarios are separated in this report into two broad categories:
1. Those focused on Agricultural Type properties
2. Those focused on Industrial and Commercial Type properties
Within each category, the various scenarios are designed to augment a particular aspect of the property, such as
classification, location, size, and improvement value, to determine the implication on tax revenue for
municipalities.
The calculation of property tax is subject to three primary factors: Assessed Value, Assessed Classification, and
Millage Rate Applied. For each of the 19 scenarios, Colliers International has provided assumptions and inputs
used to arrive at the final value conclusion.
7
Assessment Classification
The property classes:
Class 1, Residential single-family residences, multi-family residences, duplexes, apartments, condominiums,
nursing homes, seasonal dwellings, manufactured homes, some vacant land, farm buildings and daycare facilities.
Class 2, Utilities structures and land used for railway transportation, pipelines, electrical generation or
transmission utilities, or telecommunications transmitters. This property class does not include gathering
pipelines, offices or sales outlets.
Class 3, Supportive Housing this property class only includes eligible supportive housing property that has
been designated by Cabinet. Eligible supportive housing property is funded by the provincial government or a
health authority for the provision of housing that includes on-site support services for persons who were
previously homeless, at risk of homelessness, and who are affected by mental illness or who are recovering from
drug or alcohol addictions or have other barriers to housing.
Class 4, Major Industry land and improvements (buildings and structures) of prescribed types of industrial
plants, including lumber and pulp mills, mines, smelters, large manufacturers of specified products, ship building
and loading terminals for sea-going ships.
Class 5, Light Industry property used or held for extracting, processing, manufacturing or transporting
products, including ancillary storage. Scrap metal yards, wineries and boat-building operations fall within this
category. Exceptions include properties used for the production or storage of food and non-alcoholic beverages
and retail sales outlets, which fall into Class 6.
Class 6, Business Other property used for offices, retail, warehousing, hotels and motels all fall within this
category. This class includes properties that do not fall into other classes.
Class 7, Managed Forest Land privately-owned, forest land managed in accordance with the Private Managed
Forest Land Act or the Forest and Range Practices Act. Property owners in this class have an obligation to
provide good resource management practices, such as reforestation, care of young trees, protection from fire and
disease and sound harvesting methods.
Class 8, Recreational Property, Non-profit Organization includes two very different categories:
Recreational Land
- land used solely as an outdoor recreational facility for specific activities such as golf, skiing, tennis, public
swimming pools, waterslides, amusement parks, marinas and hang gliding. Improvements on the land (such as a
clubhouse) fall into Class 6.
8
- Land in a rural area that is part of parcel used for overnight commercial accommodation that exists
predominantly to facilitate specific outdoor recreational activities such as hunting, fishing and kayaking.
Improvements on the land most likely fall within Class 6 (e.g. a hotel).
Non-Profit Organization Land and Improvements
- Property used or set aside for at least 150 days per year as a place of public worship or as a meeting hall by a
non-profit, fraternal organization. The 150 days cannot include activities with paid admission or the
sale/consumption of alcohol.
- additionally, the 150 days needs to be in the year ending on June 30 of the calendar year preceding the
calendar year for which the assessment roll is being prepared.
Class 9, Farm to qualify as farm for assessment purposes, the land must produce a prescribed amount of
qualifying primary agricultural products for sale, such as crops or livestock.
Split Classification
Property with several distinct uses can fall into more than one class. For example, commercial and residential
space might be combined in one building, or a property combines residential, farm and forest land. In these cases,
BC Assessment determines the share of the value of the property attributable to each class. Within the ALR in
some cases residential property owners are buying lots for personal purposes while leasing a portion of the
surrounding land to local farmers. BC Assessment will therefore assess the parcel as two components: the
residential parcel and the farm parcel and apply separate millage rates and land values.
Exemptions
Every property owner in the province must pay property taxes unless specifically exempted by provincial statute.
Municipalities use millage rates to determine how much tax they require to run the general services within the
municipality. Over recent years since the economic downturn in 2008 2009, municipalities applied a school tax
credit for Class 4 Heavy Industrial, Class 5 Light Industry and Class 9 Farm where properties within these
classes received a tax credit of 50% under the school tax section. This rebate is being removed for Class 5
Light Industrial properties with 50% removed in 2013 and the remaining 50% scheduled to be removed in 2014.
Class 4 Heavy Industry and Class 9 Farm will continue to receive this school tax credit.
In regards to property owned by federal or provincial governments, lands and improvements are generally
exempt from taxation due to the Community Charter, Taxation (Rural Area) Act and Vancouver Charter.
However, these agencies are required to make payments or grants in lieu of taxes which are equivalent to the
amount that would have been payable as tax. However, the exemption as it applies to a Provincial or Federal
Agency does not extend to a third party occupier of that property. The Assessment Act requires such occupiers
to pay property taxes as if they were the fee simple owner of the property.
9
Municipal Mill Rates
British Columbia operates on an Ad Valorem property tax system, designed to place a greater burden on more
municipalities
set millage rates on a rate per $1,000 of assessed value, causing properties that have greater value to pay
proportionately higher property tax.
Within the Assessment Act, properties are separated into nine property classifications. The Community Charter
grants municipalities the right to set millage rates for each of these Classifications to generate the revenue
required to operate the municipality. Depending on the economic position and development goals of a
municipality, one classification may receive favorable treatment over another.
An example is Class 5 Light Industrial properties in the City of Surrey and the City of New Westminster. A
$1,000,000 Industrial Development in the City of Surrey will pay $12,776 in property tax while the same
development would pay $33,584 in New Westminster, based on the mill rate difference.
The Province of British Columbia also sets millage rates associated with property tax. As described below these
charges are designed to fund Schools, Hospitals, BC Assessment and other provincially provided services. A
breakdown of the individual charges as provided in The Continuing Legal Education Society of British Columbia
(CLEBC) Real Property Manual can be found below.
Taxing Authority Function (and enabling statute)
School districts Provide kindergarten to grade 12 educations. (School Act)
Municipalities Depending on their size and community desires, they can regulate a variety of
activities and provide services such as police, fire, water, sanitary and storm
sewers, roads, street lights, libraries, garbage collection, parks and recreation, and
cemeteries. Community Charter; Local Government Act (for land use regulation
and heritage conservation); Vancouver Charter)
General Purpose/ Municipal
General/ Provincial
Government
Provides police and local road services in rural areas, and provides police services
to small municipalities. (Taxation (Rural Area) Act; Police Act)
Funds 5 kindergarten to grade 12 education. (School Act)
Regional Districts / Greater
Vancouver Regional District
Provide local services to rural areas, and provide services to municipal and rural
areas that are done most economically on a joint basis (fire, water, recreation etc).
Local Government Act Part 24
Regional Hospital Districts Share capital funding of hospitals with the province. ( Hospital District Act)
Applies to all regions in British Columbia except for Greater Vancouver, which has
no regional hospital district.
10
Improvement Districts Provide water, fire protection, etc., generally in rural areas. (Fewer than 30 utilize
property value taxation.)
(Local Government Act Part 23)
BC Assessment / Municipal
Finance Authority
Each levies a tax to fund a portion of its budget. ( Assessment Authority Act and
Municipal Finance Authority Act)
Transit Authorities The Greater Victoria Regional Transit Commission is the only remaining transit
commission. Transit commissions have taxation power under s.15 of the British
Columbia Transit Act. The South Coast British Columbia Transportation Authority,
known as Translink, is covered by a separate Act (the South Coast British
Columbia Transportation Authority Act) and began imposing a transportation levy
in 1999.
On the following pages are charts detailing overall mill rates by municipality, and charts detailing specific
breakdowns of property tax rates within the individual municipalities. Please note that evidence for the specific
industrial scenarios in North Vancouver was gathered from both the City and District of North Vancouver,
however in graphs provided only the mill rates for the District of North Vancouver was applied.
Each municipality establishes municipal mill rates differently depending on the services provided. Some separate
the charges into Fire Rescue, Policing etc. whereas others just charge a General Purpose Tax Levy. Where a
section is blank, information is not available or has been accounted for under a different section. i.e. Class 1
Residential, Vancouver charges a General Purpose Tax Levy of 1.8950, whereas Richmond separates the charge
into General 1.2421, Policing 0.4656, Fire Rescue 0.3669 and Storms 0.0480.
Other property levies charged by municipalities include water rates, sewer levies and garbage collection. These
charges on generally charged on a metered or per use basis for businesses and industrial properties and a set
charge for residential properties (charge will vary for single family home to row house / duplex) to ensure an
equitable cost. For example, a 90,000 sq. ft. industrial building would use more water and require more utilities
to that of a 10,000 sq. ft. industrial building. The rates at which these charges are calculated vary for each
municipality.
The following tables include all provincial and regional taxes and levies. Please note that municipal taxes are
separated differently by each municipality. Some municipalities charge a general tax while others provide a
breakdown of the individual taxes. (i.e., The City of Vancouver charges one tax for Greater Vancouver Regional
District (large projects) and does not charge for Regional District tax, whereas the City of Surrey separates these
taxes.
11
2013 Mill Rate by Municipality per $1,000 of assessed value
City Residential Utilities
Supportive
Housing
Major
Industry
Net taxes
Light
Industry Net
taxes
Business /
Other
Recreation /
Non-Profit
Farm Net
taxes
Class 1 Class 2 Class 3 Class 4 Class 5 Class 6 Class 8 Class 9
Vancouver 3.7935 53.8186 1.6559 38.4466 15.2115 16.4854 5.6491 5.6491
Surrey 4.6016 50.4697 - 16.8704 12.7760 15.0054 6.1266 6.5188
New Westminster 5.8571 50.4344 5.2017 34.0216 27.1037 21.0351 7.3791 7.4805
Burnaby 4.2806 51.8008 3.8955 50.4098 15.9794 17.4770 5.3109 13.3936
Richmond 4.1674 57.3612 - 19.8857 14.6514 15.6439 5.7945 16.1905
District of North Vancouver 4.3019 57.4573 - 42.2320 17.4363 16.6227 9.9237 -
City of North Vancouver 4.3832 57.4613 - 37.0061 15.1440 16.6383 7.0438 -
West Vancouver 3.3070 26.6888 - 19.3281 20.3883 12.2517 10.6769 -
City of Langley 6.2227 57.4499 5.4599 - 16.3195 16.8007 12.6156 11.1887
Township of Langley 5.6905 45.3983 - 14.2901 16.4264 17.8451 9.2067 13.9787
Abbotsford 7.8027 55.2189 - - 16.6309 20.1730 12.1313 22.9040
North Delta 5.5421 57.9715 - 39.7099 17.2965 18.7924 11.1394 21.7569
Ladner 5.5043 57.5155 - 39.3244 17.1753 18.6712 11.0572 21.5562
South Delta 5.5100 57.5842 - 39.3825 17.1935 18.6894 11.0696 21.5865
Annacis 5.5421 57.9715 - 39.7099 17.2965 18.7924 11.1220 21.7144
Port Coquitlam 6.0313 57.4546 5.4776 - 20.0559 19.8802 18.0487 27.1631
Coquitlam 5.2633 57.4493 - 34.6564 20.1176 21.7712 18.5705 21.1752
Port Moody 5.6095 57.4517 - 70.7454 25.1688 18.0594 6.3285 -
Maple Ridge 6.7711 57.4601 - 42.7028 18.7595 20.2541 15.9324 31.8001
Pit Meadows 6.3940 57.3020 - 42.9937 23.3133 20.1329 14.1435 33.8130
Colliers , ~,,,~ .. ,~.
12
Classification 1 Residential
Class 1
General
Purpose
Tax Levy
Municipal
General,
Dept Policing Fire Rescue
Storm
Damage
Greater
Vancouver
Regional
District Library
Sungod
Expansion Recreation
City
Council
Total
Municipal
Provincial
School
Regional
District
BC Assessment
Authority
Municipal
Finance
Authority Translink
Total
Provincial Total
Vancouver 1.8950 0.0616 1.9566 1.4337 0.0637 0.0002 0.3394 1.8369 3.7935
Burnaby 2.2419 2.2419 1.5930 0.0593 0.0610 0.0002 0.3252 2.0387 4.2806
Richmond 1.2421 0.4656 0.3669 0.0480 2.1225 1.5994 0.0592 0.0610 0.0002 0.3252 2.0450 4.1674
Surrey 2.2573 0.0600 2.3173 1.7762 0.1218 0.0610 0.0002 0.3252 2.2844 4.6016
Langley City 3.8061 0.0595 3.8656 1.9707 0.0610 0.0002 0.3252 2.3571 6.2227
North Delta 3.1194 0.0611 0.1008 0.0354 0.0080 3.3247 1.7362 0.0948 0.0610 0.0002 0.3252 2.2174 5.5421
Ladner 3.1194 0.0611 0.1008 0.0056 3.2869 1.7362 0.0948 0.0610 0.0002 0.3252 2.2174 5.5043
South Delta 3.1194 0.0611 0.1008 0.0113 3.2926 1.7362 0.0948 0.0610 0.0002 0.3252 2.2174 5.5100
North Vancouver 2.3696 0.0616 2.4312 1.4843 0.0610 0.0002 0.3252 1.8707 4.3019
Township of
Langley 0.7325 1.4128 0.1890 0.5782 0.1144 0.2474 3.2743 1.9707 0.0591 0.0610 0.0002 0.3252 2.4162 5.6905
Maple Ridge 3.8564 0.4109 0.0113 0.0047 4.2833 2.0390 0.0624 0.0610 0.0002 0.3252 2.4878 6.7711
Coquitlam 2.3154 0.6530 0.0876 0.0593 3.1153 1.7616 0.0610 0.0002 0.3252 2.1480 5.2633
Pit Meadows 3.7724 0.1342 0.0620 3.9686 2.0390 0.0610 0.0002 0.3252 2.4254 6.3940
Port Coquitlam 3.8224 0.0609 3.8833 1.7616 0.0610 0.0002 0.3252 2.1480 6.0313
Classification 4 Major Industry
Class 4
General
Purpose
Tax Levy
Municipal
General,
Dept Policing Fire Rescue
Storm
Damage
Greater
Vancouver
Regional
District Library
Sungod
Expansion Recreation
City
Council
Total
Municipal
Provincial
School
Regional
District
BC Assessment
Authority
Municipal
Finance
Authority Translink
Total
Provincial Total
Vancouver 32.9809 0.2093 33.1902 2.4800 0.5213 0.0007 2.2544 5.2564 38.4466
Burnaby 44.9518 44.9518 2.4800 0.2016 0.5213 0.0007 2.2544 5.4580 50.4098
Richmond 8.4435 3.1648 2.4939 0.3260 14.4282 2.4800 0.2011 0.5213 0.0007 2.2544 5.4575 19.8857
Surrey 10.8260 0.2038 11.0298 2.4800 0.5841 0.5213 0.0007 2.2544 5.8405 16.8704
Langley City No Mill Rates 0.0000 0.0000 0.0000
North Delta 31.8085 0.2078 1.0279 0.3610 0.0816 33.4868 2.4800 0.9667 0.5213 0.0007 2.2544 6.2231 39.7099
Ladner 31.8085 0.2078 1.0279 0.0571 33.1013 2.4800 0.9667 0.5213 0.0007 2.2544 6.2231 39.3244
South Delta 31.8085 0.2078 1.0279 0.1152 33.1594 2.4800 0.9667 0.5213 0.0007 2.2544 6.2231 39.3825
North Vancouver 36.7662 0.2094 36.9756 2.4800 0.5213 0.0007 2.2544 5.2564 42.2320
Township of
Langley 1.9763 3.8109 0.5099 1.5598 0.3085 0.6674 8.8328 2.4800 0.2009 0.5213 0.0007 2.2544 5.4573 14.2901
Maple Ridge 33.5237 3.5718 0.0979 0.2122 0.0408 37.4464 2.4800 0.5213 0.0007 2.2544 5.2564 42.7028
Coquitlam 21.8400 6.1600 1.1984 0.2016 29.4000 2.4800 0.5213 0.0007 2.2544 5.2564 34.6564
Pit Meadows 36.0510 1.4755 0.2108 37.7373 2.4800 0.5213 0.0007 2.2544 5.2564 42.9937
Port Coquitlam 0.0000 0.0000 0.0000
Colliers I ~!E .... • ~" "
13
Classification 5 Light Industry
Class 5
General
Purpose
Tax Levy
Municipal
General,
Dept Policing Fire Rescue
Storm
Damage
Greater
Vancouver
Regional
District Library
Sungod
Expansion Recreation
City
Council
Total
Municipal
Provincial
School
Regional
District
BC Assessment
Authority
Municipal
Finance
Authority Translink
Total
Provincial Total
Vancouver 8.2042 0.2093 8.4135 4.7263 0.1879 0.0007 1.8831 6.7980 15.2115
Burnaby 9.4612 9.4612 4.3200 0.2016 0.1811 0.0007 1.8148 6.5182 15.9794
Richmond 4.7599 1.7841 1.4059 0.1838 8.1337 4.3200 0.2011 0.1811 0.0007 1.8148 6.5177 14.6514
Surrey 5.9355 0.2038 6.1393 4.3200 0.3201 0.1811 0.0007 1.8148 6.6367 12.7760
Langley City 9.8006 0.2023 10.0029 4.3200 0.1811 0.0007 1.8148 6.3166 16.3195
North Delta 10.0055 0.2078 0.3233 0.1135 0.0257 10.6758 4.3200 0.3041 0.1811 0.0007 1.8148 6.6207 17.2965
Ladner 10.0055 0.2078 0.3233 0.0180 10.5546 4.3200 0.3041 0.1811 0.0007 1.8148 6.6207 17.1753
South Delta 10.0055 0.2078 0.3233 0.0362 10.5728 4.3200 0.3041 0.1811 0.0007 1.8148 6.6207 17.1935
North Vancouver 10.9103 0.2094 11.1197 4.3200 0.1811 0.0007 1.8148 6.3166 17.4363
Township of
Langley 2.2171 4.2759 0.5719 0.2009 0.3461 0.7484 8.3603 4.3200 1.7495 0.1811 0.0007 1.8148 8.0661 16.4264
Maple Ridge 11.0118 1.1733 0.0322 0.2122 0.0134 12.4429 4.3200 0.1811 0.0007 1.8148 6.3166 18.7595
Coquitlam 10.3087 2.9076 0.3831 0.2016 13.8010 4.3200 0.1811 0.0007 1.8148 6.3166 20.1176
Pit Meadows 16.0941 0.6918 16.7859 4.3200 0.2108 0.1811 0.0007 1.8148 6.5274 23.3133
Port Coquitlam 13.5325 13.5325 4.3200 0.2068 0.1811 0.0007 1.8148 6.5234 20.0559
Classification 6 Business / Other
Class 6
General
Purpose
Tax Levy
Municipal
General,
Dept Policing Fire Rescue
Storm
Damage
Greater
Vancouver
Regional
District Library
Sungod
Expansion Recreation
City
Council
Total
Municipal
Provincial
School
Regional
District
BC Assessment
Authority
Municipal
Finance
Authority Translink
Total
Provincial Total
Vancouver 8.2042 0.1508 8.3550 6.4046 0.1871 0.0005 1.5382 8.1304 16.4854
Burnaby 9.4612 9.4612 6.2000 0.1453 0.1811 0.0005 1.4889 8.0158 17.4770
Richmond 4.4643 1.6733 1.3186 0.1724 7.6285 6.2000 0.1449 0.1811 0.0005 1.4889 8.0154 15.6439
Surrey 6.6304 0.1469 6.7773 6.2000 0.3576 0.1811 0.0005 1.4889 8.2281 15.0054
Langley City 8.7844 0.1458 8.9302 6.2000 0.1811 0.0005 1.4889 7.8705 16.8007
North Delta 10.0055 0.1498 0.3233 0.1135 0.0257 10.6178 6.2000 0.3041 0.1811 0.0005 1.4889 8.1746 18.7924
Ladner 10.0055 0.1498 0.3233 0.0180 10.4966 6.2000 0.3041 0.1811 0.0005 1.4889 8.1746 18.6712
South Delta 10.0055 0.1498 0.3233 0.0362 10.5148 6.2000 0.3041 0.1811 0.0005 1.4889 8.1746 18.6894
North Vancouver 8.6013 0.1509 8.7522 6.2000 0.1811 0.0005 1.4889 7.8705 16.6227
Township of
Langley 2.1993 4.2413 0.5676 1.7357 0.3434 0.7426 9.8299 6.2000 0.1447 0.1811 0.0005 1.4889 8.0152 17.8451
Maple Ridge 11.0118 1.1733 0.0322 0.1529 0.0134 12.3836 6.2000 0.1811 0.0005 1.4889 7.8705 20.2541
Coquitlam 10.4107 2.9363 0.4084 0.1453 13.9007 6.2000 0.1811 0.0005 1.4889 7.8705 21.7712
Pit Meadows 11.6776 0.4329 12.1105 6.2000 0.1519 0.1811 0.0005 1.4889 8.0224 20.1329
Port Coquitlam 11.8607 11.8607 6.2000 0.1490 0.1811 0.0005 1.4889 8.0195 19.8802
Colliers I ~!E .... • ~" "
14
Classification 8 Recreational / Non-profit
Class 8
General
Purpose
Tax Levy
Municipal
General,
Dept Policing Fire Rescue
Storm
Damage
Greater
Vancouver
Regional
District Library
Sungod
Expansion Recreation
City
Council
Total
Municipal
Provincial
School
Regional
District
BC Assessment
Authority
Municipal
Finance
Authority Translink
Total
Provincial Total
Vancouver 1.8159 0.0616 1.8774 3.4000 0.0610 0.0002 0.3105 3.7717 5.6491
Burnaby 1.4799 1.4799 3.4000 0.0593 0.0610 0.0002 0.3105 3.8310 5.3109
Richmond 1.1491 0.4307 0.3394 0.0444 1.9637 3.4000 0.0592 0.0610 0.0002 0.3105 3.8309 5.7945
Surrey 2.1775 0.0600 2.2375 3.4000 0.1175 0.0610 0.0002 0.3105 3.8892 6.1266
Langley City 8.7844 0.0595 8.8439 3.4000 0.0610 0.0000 0.3105 3.7715 12.6154
North Delta 6.7867 0.0611 0.2193 0.0770 0.0174 7.1615 3.4000 0.2062 0.0610 0.0002 0.3105 3.9779 11.1394
Ladner 6.7867 0.0611 0.2193 0.0122 7.0793 3.4000 0.2062 0.0610 0.0002 0.3105 3.9779 11.0572
South Delta 6.7867 0.0611 0.2193 0.0246 7.0917 3.4000 0.2062 0.0610 0.0002 0.3105 3.9779 11.0696
North Vancouver 6.0905 0.0616 6.1520 3.4000 0.0610 0.0002 0.3105 3.7717 9.9237
Township of
Langley 1.2027 2.3195 0.3104 0.0591 0.1878 0.4062 4.4857 3.4000 0.9493 0.0610 0.0002 0.3105 4.7210 9.2067
Maple Ridge 10.8926 1.1606 0.0318 0.0624 0.0133 12.1607 3.4000 0.0610 0.0002 0.3105 3.7717 15.9324
Coquitlam 11.1689 3.1502 0.4204 0.0593 14.7988 3.4000 0.0610 0.0002 0.3105 3.7717 18.5705
Pit Meadows 10.0128 0.2970 10.3098 3.4000 0.0620 0.0610 0.0002 0.3105 3.8337 14.1435
Port Coquitlam 14.2161 14.2161 3.4000 0.3714 0.0610 0.0002 3.8326 18.0487
Classification 9 Farm
Class 9
General
Purpose
Tax Levy
Municipal
General,
Dept Policing Fire Rescue
Storm
Damage
Greater
Vancouver
Regional
District Library
Sungod
Expansion Recreation
City
Council
Total
Municipal
Provincial
School
Regional
District
BC Assessment
Authority
Municipal
Finance
Authority Translink
Total
Provincial Total
Vancouver 1.8159 0.0616 1.8774 3.4000 0.0610 0.0002 0.3105 3.7717 5.6491
Burnaby 9.4612 9.4612 3.4500 0.0593 0.0610 0.0002 0.3619 3.9324 13.3936
Richmond 7.1736 2.6889 2.1188 0.2770 12.2583 3.4500 0.0592 0.0610 0.0002 0.3619 3.9323 16.1905
Surrey 2.4534 0.0600 2.5133 3.4500 0.1324 0.0610 0.0002 0.3619 4.0055 6.5188
Langley City 3.8061 0.0595 3.8656 6.9000 0.0610 0.0002 0.3619 7.3231 11.1887
North Delta 16.5543 0.5031 0.5349 0.1879 0.0425 17.8227 3.4500 0.0611 0.0610 0.0002 0.3619 3.9342 21.7569
Ladner 16.5543 0.5031 0.5349 0.0297 17.6220 3.4500 0.0611 0.0610 0.0002 0.3619 3.9342 21.5562
South Delta 16.5543 0.5031 0.5349 0.0600 17.6523 3.4500 0.0611 0.0610 0.0002 0.3619 3.9342 21.5865
North Vancouver 0.0000 0.0000 0.0000
Township of
Langley 2.2479 4.3351 0.5799 0.0591 0.3509 0.7589 8.3318 3.4500 1.7738 0.0610 0.0002 0.3619 5.6469 13.9787
Maple Ridge 25.0879 2.6730 0.0732 0.0624 0.0305 27.9270 3.4500 0.0610 0.0002 0.3619 3.8731 31.8001
Coquitlam 13.0726 3.6872 0.4830 0.0593 17.3021 3.4500 0.0610 0.0002 0.3619 3.8731 21.1752
Pit Meadows 29.0010 0.8769 29.8779 3.4500 0.0620 0.0610 0.0002 0.3619 3.9351 33.8130
Port Coquitlam 23.2291 23.2291 6.9000 0.0609 0.0610 0.0002 0.3619 7.3840 27.1631
Colliers I ~!E .... • ~" "
15
Methods of Valuation
The Continuing Legal Education Real Property Manual provides a good insight into the methods of valuation.
the absence of a statute or regulation dictating methods and procedures for valuing real property, generally
accepted appraisal principals and valuation methodologies are applied. Organizations such as the Appraisal
Institute of Canada publish appraisal standards and authoritative texts providing appraisal guidance. In valuing the
fee simple interest in land and improvements, which is the default requirement under the Assessment Act, a real
estate appraiser will investigate the subject property, perform a market analysis, and develop an opinion of
for the subject property. Then one or more of the variants of the Cost Approach, Direct
Comparison Approach and the Income Approach (explained below) are applied, and then reconcile the value
estimates derived under the various approaches to conclude a final estimate of market value
Generally the following valuation methods are applied;
Class 1 Residential Single Family - valued using the Direct Comparison Approach
- Residential Multi Family valued using the Income Approach
Class 2, 4, 7, 9 Utility valued through statute (valued using specific rates prescribed by the assessment
authority)
Class 3 Supportive Housing valued using either the Income Approach or Direct Comparison Approach
Class 5 Light Industrial valued using the Income Approach
Class 6 Business / Other valued using the Income Approach
Class 8 Recreational Property, Non Profit valued using the Direct Comparison Approach
Direct Comparison Approach
The Direct Comparison Approach is based on the premise that the value of a specific property is set by the price
an informed purchaser would pay for a comparable property, offering similar desirability and usefulness. This
requires an understanding of all market variables, including location, property size, physical features and
economic factors. Assessors may make adjustments, if required. For example, if an analysis of a property sold in
May indicated that the overall market price for similar properties has moved as of July 1 the previous year, an
adjustment would reflect the sale price as of last July 1. Since the real estate market changes, the adjustment
process is an important part of developing market-value indicators. The process of identifying and analyzing
comparable property sales is repeated until a satisfactory range of value indicators for the subject property is
established and a final estimate of value is possible.
Cost Approach
The Cost Approach is based on the premise that an informed purchaser will judge the value of a property by
market price and rents of similar properties, and will also consider the cost of buying land with similar
characteristics and constructing a new building. This assumes the cost of replacing the existing building plus the
value of the land equals market value.
16
The steps in applying the Cost Approach include:
- estimating the site value (land and site improvements) through review of comparable sales;
- estimating the cost of replacing the existing building with one of similar usefulness (reflecting current
building design and materials); and
-
and functional and economic obsolescence. Functional obsolescence is the reduced ability of the building
to perform the function it was originally designed and built for. Economic obsolescence refers to external
forces that affect the ability of the buildings to continue to perform, including changes in transportation
corridors, new types of building design demanded by the market, etc.
The Cost Approach is most often used when the property being appraised is new or nearly new, where there are
no comparable sales, or where the improvements are relatively unique or specialized.
Income Approach
The Income Approach to value is based on the premise that the value of a property is directly related to the
income it will generate. The app
the sales of similar income properties and determining the relationship between the sale price and net income.
The steps in applying the Income Approach are to determine the stabilized, net-operating income by:
- estimating potential gross income from all sources;
- deducting an allowance for vacancy and bad debts; and
- deducting all direct and indirect operating expenses.
The resulting net-operating income is capitalized by a market rate, which reflects the property type and effective
date of valuation, to produce an estimate of overall property value.
To determine the potential gross income, the appraiser determines market rents by analyzing rents in both the
property being assessed and in comparable properties in the neighborhood. The appraiser makes allowance for
vacancy and collection loss.
To determine the effective gross income, the appraiser deducts operating expenses. Generally accepted appraisal
practice is to not deduct mortgage interest from operating expenses, since these vary greatly from property to
property.
17
The appraiser determines the capitalization rate by analyzing sales (comparing net operating income to sale
price) in the same market to determine rates of return. The capitalization rate will vary, depending on the
attractiveness of a property as an investment, income risks and physical factors.
The Income Approach is used when appraising properties that produce a rental income from single or multiple
tenants. The capitalized value of the income stream provides an estimate of the market value of the property
(land and improvements).
Excess Land
In the case of commercial and industrial properties with low building site coverage, the income approach to value
must be augmented to the building and an excess land value for the portion of land not required for the operation
of the existing building. Excess land is designed to account for value provided by significant portions of vacant
land. This land provides value in the form of potential expansion of improvements, or in the case of logistics
companies, adequate outdoor storage for containers.
In the calculation of excess land, BC Assessment reviews relevant zoning bylaws and standard industry
construction to determine an appropriate site coverage. That site coverage is applied to existing improvements
and any additional land is assessed at market values. That excess land value is then added to the income value of
the building and associated lands to establish the total assessed value of the property. An example of this
calculation is provided below:
Building size 10,000 sq. ft.
Parcel size 50,000 sq. ft.
Site coverage 40%
Land required for current improvements
= building size / site coverage
= 10,000 sq. ft. / 40%
= 25,000 sq. ft.
Excess land component
= Parcel size land requirement for the current improvements
= 50,000 sq. ft. - 25,000 sq. ft.
= 25,000 sq. ft.
The building and associated land would be assessed on the income approach, plus the excessive land value of
25,000 sq. ft.
18
Diminishing Marginal Returns
The principal of Diminishing Marginal Returns is applied to parcels of land that are larger than typical investment
parcels. Industrial properties between 1 and 5 acres are considered a typical size, therefore the value per acre of
a 2 acre parcel is the same value per acre of a 5 acre parcel. This is because the utility of the property appeals to
a majority of industrial users. Properties larger than 5 acres begin to have a downward adjustment on a price per
acre basis because investors are unwilling to pay as much per acre for larger parcels. The value per acre of a 10
acre property is less than the value per acre of a 2 acre parcel.
When determining land value BC Assessment uses sales evidence; in our analysis, a standard downward
adjustment of 10% for 10 acres, 20% for 25 acres has been made in order to provide a consistent method of
comparison. These adjustments may change depending on the sales evidence gathered by BC Assessment from
year to year.
19
Highest and Best Use
The principle of highest and best use is fundamental to the concept of value in real estate and is applied in all
assessment considerations. Highest and best use, in general, may be defined as follows:
possible, appropriately supported, financially feasible, and that results in the highest value. The four
criteria the highest and best use must meet are legal permissibility, physical possibility, financial
The Assessment Act mandates that all properties be valued to their Highest and Best Use. In doing so
properties are equitably assessed ensuring that property taxes are dispensed equally among property
owners.
Analysis
Legal Permissibility The current use is a permitted use within the applicable zoning and/or
land use bylaw requirements affecting the property. Legal permissibility
can also be affected by rezoning potential created within an Official
Community Plan. Easements or rights of way which may affect building
construction, covenants which may affect density of construction also
impact legal permissibility.
Physical Possibility The site must be of a sufficient size, configuration, and topography to
accommodate the property's present use or proposed use as improved
in an efficient and functional manner.
Financial Feasibility Does the property provide a sufficient return that the property as
improved is considered to be financially feasible. Is demand in the
market sufficient to support a proposed project to make the final
product financially feasible.
Maximum Productivity Of the various legally permissible, physically possible, and financially
feasible uses available, does the current use or proposed use represent
the maximum productivity of the property.
20
Farm Land Classification
The principal q
agricultural production must be produced from the land and offered for sale. The regulation guiding the farm
requirements states that a farm must produce:
a. $2,500 if the area of land is between 8,000 m2 and 4 ha
b. $2,500 plus 5% of the actual value of the land for farm purposes in excess of 4 ha, if the area of land is
more than 4 ha,
c. $10,000 if the total area of land is less than 8,000 m2, and
d. Despite paragraph (c), $2,500 if the area of land has been reduced to less than 8,000 m2
as a result of
expropriation but only if the land remains in the same ownership.
Classification as a farm is highly beneficial for owners of property. Although the farm millage rate, depending on
the municipality, is not necessarily the lowest, the prescribed land value attributed to the parcel is a fraction of
the actual value.
In 2013, land value for farm class properties ranged from $110 per acre for Class 7 (soil with no capability for
agriculture) and $4,350 per acre for Class 1 (soils with no significant limitations in use for crops). These soil
types relate to the soils ability for agricultural production, weather the soil is improved or naturally occurring as
of July 31st the previous year. The designations for soil type dictated by BC Regulation 276/84 and as outlined in
include:
Class 1 Soils with no significant limitations in use for crops;
Class 2 Soils with moderate limitations that restrict the range of crops or require moderate
conservation practices;
Class 3 Soils with moderately severe limitations that restrict the range of crops or require special
conservation practices
Class 4 Soils with severe limitations that restrict the range of crops or require special conservation
practices or both;
Class 5 Soils with very severe limitations that restrict their capability to producing perennial forage
crops, and improvement practices are feasible;
Class 6 Soils capable only of producing perennial forage crops, and improvement practices are not
feasible;
Class 7 Soils with no capability for arable culture or permanent pasture;
21
Due to the range in soil capability, the agricultural production threshold for farms subject to inferior soil
conditions are lower than farms with higher production capability.
The threshold for a 20 acre farm with Class 1 soils would be calculated as such:
$2,500 + 5% of land value
$2,500 + ($4,350 X 20 acre X 5%)
$2,500 + $4,350
$6,850
The threshold for a 20 acre farm with Class 4 soils would be:
$2,500 + 5% of land value
$2,500 + ($2,500 X 20acre X 5%)
$2,500 + $2,500
$5,000
Although not a significant overall amount, the difference in the agricultural production threshold value is 37%
higher for the parcel with Class 1 soils.
Calculations for the agricultural scenarios assumed a Class 4 soil condition and an assessed land value per acre
of $2,500. Since production was not a consideration in the scenarios, all farm class properties are assumed to
have achieved the production quota.
22
Agricultural Scenarios 1. Farm Class Status
Properties within the Agricultural Land Reserve (ALR) with residential housing (2,500 sq. ft.) and a dwelling
improvement value of $150,000, that are 0.8, 2, 4, 10, 20 ha in size, on parcels with and without Farm Class
status
2. Resident Type
Properties within the ALR with residential housing (2,500 sq. ft.) and Farm Class status that are 0.8, 2, 4, 10 and
20 ha in size, on parcels with a farmer resident and non-farmer resident
3. Residential Housing
Properties 4 ha in size with a dwelling improvement value of $0, $100,000, $250,000 and $500,000 on parcels
with and without Farm Class status
4. Farm Buildings
Properties 10 ha in size within the ALR and with Farm Class status with residential housing (2,500 sq. ft.) and
farm building improvement value of $100,000; $250,000; and $500,000 before and after the 2013 tax year (to
illustrate the new changes in assessment)
5. Natural Features
Properties 2 and 4 ha in size with residential housing (2,500 sq. ft.), with dwelling improvement value of
$150,000 with natural features on 1 ha of the land (forest or wetland), on parcels with and without Farm Class
status and within and outside the ALR
6. Split Classification
Properties with residential housing (2,500 sq. ft.), with dwelling improvement value of $150,000 that are 2, 4 and
10 ha in size with a nonfarm businesses on half the land, for parcels within the ALR and outside the ALR
7. Leased Land
Properties with residential housing (2,500 sq. ft.), with improvement value of $150,000 that are 2, 4 and 10 ha in
size with a lease (allowing Farm Class status) and without a lease, on parcels within and outside the ALR.
8. Property Classification
Properties with no residential housing, with improvement value of $150,000 that are 0.8, 2, 4, and 10 ha in size,
with residential, major industry, light industry, other business, recreation and farm property classification, for
parcels outside the ALR.
23
Note: 0.8 ha = 2 acres, 1ha = 2.4 acres, 2ha = 5 acres, 4 ha = 10 acres, 10 ha = 24 acres, 20 ha = 48 acres, 30
ha = 72 acres
The information in the following charts is formatted to demonstrate:
1. The property size
2. The land value per acre, the standard unit of measure in appraisal practice
3. These values are multiplied to determine the total land value
4. The improvement value as provided in the scenario parameters or as calculated by Colliers International.
5. The appropriate millage rate including municipal, regional, and provincial considerations as described
earlier in this report, which are separated to apply to the appropriate component of value.
6. The resulting taxation generated by multiplying the component assessed value (land or improvements)
with the appropriate millage rate.
7. The total tax revenue generated by the individual components.
The intent of these charts are to demonstrate the relationship between assessed value and millage rate to
determine the property taxation for the various scenarios. Where appropriate, the above considerations are
augmented to account for variances as described in each of the scenario parameters.
24
Scenario 1 Farm Class Status
Scenario 1 is designed to highlight the influence farm class has on properties located within the Agricultural Land
Reserve. In this analysis Colliers International has relied on conversations with agents of the BC Assessment
Authority in the Fraser Valley and North Fraser Regions.
In this analysis, Colliers International has made the following assumptions:
1) Land not given farm class is considered to be classified as residential.
2)
the various municipalities.
3) Residential values are assumed to be $150,000 as per the scenario outline
4) The valuation difference between 10 acres and 25 acres (4 ha to 10 ha) has been extrapolated from
the Corporation of Delta to apply to other municipalities due to lack of assessment evidence. The
difference has been calculated to a 50% downwards adjustment.
Discussions with agents of the BC Assessment authority and relevant legal precedence indicate that no
distinction is made for properties that achieve farm class status within the ALR and outside of the ALR. The
purpose of the farm classification is to provide a consistent method of value for farm properties across the
province, and therefore does not discriminate between properties within or outside of the Agricultural Land
Reserve.
25
Properties With Farm Class Status Burnaby
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.0133936 0.0042806 $66.19 $642.09 $708.28
2 4.942 $2,500 $12,355 $150,000 0.0133936 0.0042806 $165.48 $642.09 $807.57
4 9.884 $2,500 $24,710 $150,000 0.0133936 0.0042806 $330.96 $642.09 $973.05
10 24.71 $2,500 $61,775 $150,000 0.0133936 0.0042806 $827.39 $642.09 $1,469.48
Delta
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.021757 0.0055421 $107.52 $831.32 $938.84
2 4.942 $2,500 $12,355 $150,000 0.021757 0.0055421 $268.81 $831.32 $1,100.12
4 9.884 $2,500 $24,710 $150,000 0.021757 0.0055421 $537.62 $831.32 $1,368.93
10 24.71 $2,500 $61,775 $150,000 0.021757 0.0055421 $1,344.04 $831.32 $2,175.35
Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.0211752 0.0052633 $104.65 $789.50 $894.14
2 4.942 $2,500 $12,355 $150,000 0.0211752 0.0052633 $261.62 $789.50 $1,051.11
4 9.884 $2,500 $24,710 $150,000 0.0211752 0.0052633 $523.24 $789.50 $1,312.73
10 24.71 $2,500 $61,775 $150,000 0.0211752 0.0052633 $1,308.10 $789.50 $2,097.59
Township of Langley
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.0139787 0.0056905 $69.08 $853.57 $922.65
2 4.942 $2,500 $12,355 $150,000 0.0139787 0.0056905 $172.71 $853.57 $1,026.28
4 9.884 $2,500 $24,710 $150,000 0.0139787 0.0056905 $345.41 $853.57 $1,198.99
10 24.71 $2,500 $61,775 $150,000 0.0139787 0.0056905 $863.53 $853.57 $1,717.10
Maple Ridge
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.0318001 0.0067711 $157.16 $1,015.67 $1,172.82
2 4.942 $2,500 $12,355 $150,000 0.0318001 0.0067711 $392.89 $1,015.67 $1,408.56
4 9.884 $2,500 $24,710 $150,000 0.0318001 0.0067711 $785.78 $1,015.67 $1,801.45
10 24.71 $2,500 $61,775 $150,000 0.0318001 0.0067711 $1,964.45 $1,015.67 $2,980.12
Pitt Meadows
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.033813 0.006394 $167.10 $959.10 $1,126.20
2 4.942 $2,500 $12,355 $150,000 0.033813 0.006394 $417.76 $959.10 $1,376.86
4 9.884 $2,500 $24,710 $150,000 0.033813 0.006394 $835.52 $959.10 $1,794.62
10 24.71 $2,500 $61,775 $150,000 0.033813 0.006394 $2,088.80 $959.10 $3,047.90
Port Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.027163 0.0060313 $134.24 $904.70 $1,038.93
2 4.942 $2,500 $12,355 $150,000 0.027163 0.0060313 $335.60 $904.70 $1,240.29
4 9.884 $2,500 $24,710 $150,000 0.027163 0.0060313 $671.20 $904.70 $1,575.89
10 24.71 $2,500 $61,775 $150,000 0.027163 0.0060313 $1,677.99 $904.70 $2,582.69
Richmond
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.016191 0.00416741 $80.02 $625.11 $705.13
2 4.942 $2,500 $12,355 $150,000 0.016191 0.00416741 $200.04 $625.11 $825.15
4 9.884 $2,500 $24,710 $150,000 0.016191 0.00416741 $400.08 $625.11 $1,025.19
10 24.71 $2,500 $61,775 $150,000 0.016191 0.00416741 $1,000.20 $625.11 $1,625.31
Surrey
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.0065188 0.00460163 $32.22 $690.24 $722.46
2 4.942 $2,500 $12,355 $150,000 0.0065188 0.00460163 $80.54 $690.24 $770.78
4 9.884 $2,500 $24,710 $150,000 0.0065188 0.00460163 $161.08 $690.24 $851.32
10 24.71 $2,500 $61,775 $150,000 0.0065188 0.00460163 $402.70 $690.24 $1,092.94
Colliers ,," .• 0''''
26
Properties Without Farm Class Status Burnaby
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $825,000 $1,630,860 $150,000 0.0042806 0.0042806 $6,981.06 $642.09 $7,623.15
2 4.942 $550,000 $2,718,100 $150,000 0.0042806 0.0042806 $11,635.10 $642.09 $12,277.19
4 9.884 $400,000 $3,953,600 $150,000 0.0042806 0.0042806 $16,923.78 $642.09 $17,565.87
10 24.71 $210,000 $5,189,100 $150,000 0.0042806 0.0042806 $22,212.46 $642.09 $22,854.55
Delta
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $400,000 $790,720 $150,000 0.0055421 0.0055421 $4,382.25 $831.32 $5,213.56
2 4.942 $230,000 $1,136,660 $150,000 0.0055421 0.0055421 $6,299.48 $831.32 $7,130.80
4 9.884 $140,000 $1,383,760 $150,000 0.0055421 0.0055421 $7,668.94 $831.32 $8,500.25
10 24.71 $70,000 $1,729,700 $150,000 0.0055421 0.0055421 $9,586.17 $831.32 $10,417.49
Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $305,000 $602,924 $150,000 0.0052633 0.0052633 $3,173.37 $789.50 $3,962.86
2 4.942 $162,000 $800,604 $150,000 0.0052633 0.0052633 $4,213.82 $789.50 $5,003.31
4 9.884 $97,500 $963,690 $150,000 0.0052633 0.0052633 $5,072.19 $789.50 $5,861.68
10 24.71 $73,000 $1,803,830 $150,000 0.0052633 0.0052633 $9,494.10 $789.50 $10,283.59
Township of Langley
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $250,000 $494,200 $150,000 0.00569048 0.00569048 $2,812.24 $853.57 $3,665.81
2 4.942 $105,000 $518,910 $150,000 0.00569048 0.00569048 $2,952.85 $853.57 $3,806.42
4 9.884 $75,000 $741,300 $150,000 0.00569048 0.00569048 $4,218.35 $853.57 $5,071.92
10 24.71 $37,500 $926,625 $150,000 0.00569048 0.00569048 $5,272.94 $853.57 $6,126.51
Maple Ridge
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $150,000 $296,520 $150,000 0.0067711 0.0067711 $2,007.77 $1,015.67 $3,023.43
2 4.942 $125,000 $617,750 $150,000 0.0067711 0.0067711 $4,182.85 $1,015.67 $5,198.51
4 9.884 $75,000 $741,300 $150,000 0.0067711 0.0067711 $5,019.42 $1,015.67 $6,035.08
10 24.71 $37,500 $926,625 $150,000 0.0067711 0.0067711 $6,274.27 $1,015.67 $7,289.94
Pitt Meadows
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $200,000 $395,360 $150,000 0.006394 0.006394 $2,527.93 $959.10 $3,487.03
2 4.942 $110,000 $543,620 $150,000 0.006394 0.006394 $3,475.91 $959.10 $4,435.01
4 9.884 $75,000 $741,300 $150,000 0.006394 0.006394 $4,739.87 $959.10 $5,698.97
10 24.71 $37,500 $926,625 $150,000 0.006394 0.006394 $5,924.84 $959.10 $6,883.94
Port Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $388,000 $766,998 $150,000 0.0060313 0.0060313 $4,626.00 $904.70 $5,530.69
2 4.942 $215,600 $1,065,495 $150,000 0.0060313 0.0060313 $6,426.32 $904.70 $7,331.02
4 9.884 $124,000 $1,225,616 $150,000 0.0060313 0.0060313 $7,392.06 $904.70 $8,296.75
10 24.71 $94,400 $2,332,624 $150,000 0.0060313 0.0060313 $14,068.76 $904.70 $14,973.45
Richmond
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $500,000 $988,400 $150,000 0.00416741 0.00416741 $4,119.07 $625.11 $4,744.18
2 4.942 $300,000 $1,482,600 $150,000 0.00416741 0.00416741 $6,178.60 $625.11 $6,803.71
4 9.884 $240,000 $2,372,160 $150,000 0.00416741 0.00416741 $9,885.76 $625.11 $10,510.87
10 24.71 $120,000 $2,965,200 $150,000 0.00416741 0.00416741 $12,357.20 $625.11 $12,982.32
Surrey
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $275,000 $543,620 $150,000 0.00460163 0.00460163 $2,501.54 $690.24 $3,191.78
2 4.942 $180,000 $889,560 $150,000 0.00460163 0.00460163 $4,093.43 $690.24 $4,783.67
4 9.884 $100,000 $988,400 $150,000 0.00460163 0.00460163 $4,548.25 $690.24 $5,238.50
10 24.71 $65,000 $1,606,150 $150,000 0.00460163 0.00460163 $7,390.91 $690.24 $8,081.15
Colliers ,," .• 0''''
27
2 acres (0.8 hectares)
Comparison with and without farm class
Comparison of with and without farm class - 0.8 ha
Municipality With Farm Class Without Farm Class
Burnaby $708.28 $7,623.15
Delta $938.84 $5,213.56
Coquitlam $894.14 $3,962.86
Langley Township $922.65 $3,665.81
Maple Ridge $1,172.82 $3,023.43
Pitt Meadows $1,126.20 $3,487.03
Port Coquitlam $1,038.93 $5,530.69
Richmond $705.13 $4,744.18
Surrey $722.46 $3,191.78
28
5 acres (2.0 hectares)
Comparison with and without farm class
Comparioson of with and without farm class - 2.0 ha
Municipality With Farm Class Without Farm Class
Burnaby 807.57$ 12,277.19$
Delta 1,100.12$ 7,130.80$
Coquitlam 1,051.11$ 5,003.31$
Langley Township 1,026.28$ 3,806.42$
Maple Ridge 1,408.56$ 5,198.51$
Pitt Meadows 1,376.86$ 4,435.01$
Port Coquitlam 1,240.29$ 7,331.02$
Richmond 825.15$ 6,803.71$
Surrey 770.78$ 4,783.67$
$14,000.00 512,000.00 510,000.00
58,000.00 56,000.00 $4,000.00 52,000.00
5-• With Farm Class
• Without Farm Class
29
10 acres (4 hectares)
Comparison with and without farm class
Comparison of with and without farm class - 4.0 ha
Municipality With Farm Class Without Farm Class
Burnaby $973.05 $17,565.87
Delta $1,368.93 $8,500.25
Coquitlam $1,312.73 $5,861.68
Langley Township $1,198.99 $5,071.92
Maple Ridge $1,801.45 $6,035.08
Pitt Meadows $1,794.62 $5,698.97
Port Coquitlam $1,575.89 $8,296.75
Richmond $1,025.19 $10,510.87
Surrey $851.32 $5,238.50
30
Conclusions
Scenario 1 demonstrates that properties used for agricultural purposes with farm class status pay significantly
less in property taxes than those which are classified as residential properties. This is especially true for larger
properties in municipalities with high residential land values such as Vancouver and Burnaby.
Taxes for properties with farm class status in Scenario 1 are primarily driven by residential value and the
corresponding residential mill rate. It is important to note that residential structures are typically valued based on
a market adjusted cost approach, and depending on the age and quality of the structure, assessed values can
vary. This is discussed in greater detail in Scenario 4.
Taxes for properties without farm class status are primarily driven by the land value of the property. This is
especially apparent in the City of Burnaby, where parcels 10 acres (4.0 hectares) in size pay over 28 times the
amount paid by similar sized properties which are classified as farm. This is a combination of exceptionally high
land values and an average residential mill rate.
31
Scenario 2 Resident Type
Scenario 2 is designed to determine the difference between properties that have farm class status, are located in
the Agricultural Land Reserve, and the farmer is a resident on the property; and properties that have farm class
status are located in the Agricultural Land Reserve, but do not have a farmer resident on the property.
The farm classification, and the benefits provided therein, only applies to land used for agricultural purposes.
Buildings, whether occupied by the farmer or not, are assessed und 1 -
the actual building assessment, no taxable benefit is incurred from having a farmer as a resident.
However, a farmer resident is entitled to have the land surrounding the residential improvements be classified as
a farm use, while a non-farmer resident would pay residential millage rates for land associated with residential
improvement value.
In the calculations of Scenario 2 the following assumptions were made:
1. Land associated with the residential improvement (of 2,500 sq ft) ie yard, driveway etc is assumed to be
8,000 sq ft. Although this would vary on a case by case basis, 8,000 sq ft was considered to be an
average land size for such properties.
2.
various municipalities.
32
Properties with a Farmer Resident Burnaby
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTotal Taxation
0.8 1.9768 $2,500 $4,942 $150,000 0.0133936 0.0042806 $66.19 $642.09 $708.28
2 4.942 $2,500 $12,355 $150,000 0.0133936 0.0042806 $165.48 $642.09 $807.57
4 9.884 $2,500 $24,710 $150,000 0.0133936 0.0042806 $330.96 $642.09 $973.05
10 24.71 $2,500 $61,775 $150,000 0.0133936 0.0042806 $827.39 $642.09 $1,469.48
Delta
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTotal Taxation
0.8 1.9768 $2,500 $4,942 $150,000 0.021757 0.0055421 $107.52 $831.32 $938.84
2 4.942 $2,500 $12,355 $150,000 0.021757 0.0055421 $268.81 $831.32 $1,100.12
4 9.884 $2,500 $24,710 $150,000 0.021757 0.0055421 $537.62 $831.32 $1,368.93
10 24.71 $2,500 $61,775 $150,000 0.021757 0.0055421 $1,344.04 $831.32 $2,175.35
Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTotal Taxation
0.8 1.9768 $2,500 $4,942 $150,000 0.0211752 0.0052633 $104.65 $789.50 $894.14
2 4.942 $2,500 $12,355 $150,000 0.0211752 0.0052633 $261.62 $789.50 $1,051.11
4 9.884 $2,500 $24,710 $150,000 0.0211752 0.0052633 $523.24 $789.50 $1,312.73
10 24.71 $2,500 $61,775 $150,000 0.0211752 0.0052633 $1,308.10 $789.50 $2,097.59
Township of Langley
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTotal Taxation
0.8 1.9768 $2,500 $4,942 $150,000 0.0139787 0.0056905 $69.08 $853.57 $922.65
2 4.942 $2,500 $12,355 $150,000 0.0139787 0.0056905 $172.71 $853.57 $1,026.28
4 9.884 $2,500 $24,710 $150,000 0.0139787 0.0056905 $345.41 $853.57 $1,198.99
10 24.71 $2,500 $61,775 $150,000 0.0139787 0.0056905 $863.53 $853.57 $1,717.10
Maple Ridge
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTotal Taxation
0.8 1.9768 $2,500 $4,942 $150,000 0.0318001 0.0067711 $157.16 $1,015.67 $1,172.82
2 4.942 $2,500 $12,355 $150,000 0.0318001 0.0067711 $392.89 $1,015.67 $1,408.56
4 9.884 $2,500 $24,710 $150,000 0.0318001 0.0067711 $785.78 $1,015.67 $1,801.45
10 24.71 $2,500 $61,775 $150,000 0.0318001 0.0067711 $1,964.45 $1,015.67 $2,980.12
Pitt Meadows
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTotal Taxation
0.8 1.9768 $2,500 $4,942 $150,000 0.033813 0.006394 $167.10 $959.10 $1,126.20
2 4.942 $2,500 $12,355 $150,000 0.033813 0.006394 $417.76 $959.10 $1,376.86
4 9.884 $2,500 $24,710 $150,000 0.033813 0.006394 $835.52 $959.10 $1,794.62
10 24.71 $2,500 $61,775 $150,000 0.033813 0.006394 $2,088.80 $959.10 $3,047.90
Port Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTotal Taxation
0.8 1.9768 $2,500 $4,942 $150,000 0.027163 0.0060313 $134.24 $904.70 $1,038.93
2 4.942 $2,500 $12,355 $150,000 0.027163 0.0060313 $335.60 $904.70 $1,240.29
4 9.884 $2,500 $24,710 $150,000 0.027163 0.0060313 $671.20 $904.70 $1,575.89
10 24.71 $2,500 $61,775 $150,000 0.027163 0.0060313 $1,677.99 $904.70 $2,582.69
Richmond
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTotal Taxation
0.8 1.9768 $2,500 $4,942 $150,000 0.016191 0.00416741 $80.02 $625.11 $705.13
2 4.942 $2,500 $12,355 $150,000 0.016191 0.00416741 $200.04 $625.11 $825.15
4 9.884 $2,500 $24,710 $150,000 0.016191 0.00416741 $400.08 $625.11 $1,025.19
10 24.71 $2,500 $61,775 $150,000 0.016191 0.00416741 $1,000.20 $625.11 $1,625.31
Surrey
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTotal Taxation
0.8 1.9768 $2,500 $4,942 $150,000 0.0065188 0.00460163 $32.22 $690.24 $722.46
2 4.942 $2,500 $12,355 $150,000 0.0065188 0.00460163 $80.54 $690.24 $770.78
4 9.884 $2,500 $24,710 $150,000 0.0065188 0.00460163 $161.08 $690.24 $851.32
10 24.71 $2,500 $61,775 $150,000 0.0065188 0.00460163 $402.70 $690.24 $1,092.94
Colliers ~. , ,~., '0"'
33
Properties with a Non-Farmer Resident Burnaby
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total
Agricultural
Land Value
Residential
Land Value
Residential
area acres
Residential
Land value
Residential
Improvement
Value
Land Millage
Rate
Residential Land
Millage Rate
Residential
Improvement
Millage Rate
Farm Land
Taxes
Residential
Land Tax
Improvement
Tax Total Taxes
0.8 1.7928 $2,500 $4,482 $825,000 0.184 $151,800 $150,000 0.0133936 0.0042806 0.0042806 $60.03 $649.80 $642.09 $1,351.92
2 4.758 $2,500 $11,895 $550,000 0.184 $101,200 $150,000 0.0133936 0.0042806 0.0042806 $159.32 $433.20 $642.09 $1,234.60
4 9.7 $2,500 $24,250 $400,000 0.184 $73,600 $150,000 0.0133936 0.0042806 0.0042806 $324.79 $315.05 $642.09 $1,281.94
10 24.526 $2,500 $61,315 $210,000 0.184 $38,640 $150,000 0.0133936 0.0042806 0.0042806 $821.23 $165.40 $642.09 $1,628.72
Delta
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total
Agricultural
Land Value
Residential
Land Value
Residential
area acres
Residential
Land value
Residential
Improvement
Value
Land Millage
Rate
Residential Land
Millage Rate
Residential
Improvement
Millage Rate
Farm Land
Taxes
Residential
Land Tax
Improvement
Tax Total Taxes
0.8 1.7928 $2,500 $4,482 $400,000 0.184 $73,600 $150,000 0.021757 0.0055421 0.0055421 $97.51 $407.90 $831.32 $1,336.73
2 4.758 $2,500 $11,895 $230,000 0.184 $42,320 $150,000 0.021757 0.0055421 0.0055421 $258.80 $234.54 $831.32 $1,324.66
4 9.7 $2,500 $24,250 $140,000 0.184 $25,760 $150,000 0.021757 0.0055421 0.0055421 $527.61 $142.76 $831.32 $1,501.69
10 24.526 $2,500 $61,315 $70,000 0.184 $12,880 $150,000 0.021757 0.0055421 0.0055421 $1,334.03 $71.38 $831.32 $2,236.73
Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total
Agricultural
Land Value
Residential
Land Value
Residential
area acres
Residential
Land value
Residential
Improvement
Value
Land Millage
Rate
Residential Land
Millage Rate
Residential
Improvement
Millage Rate
Farm Land
Taxes
Residential
Land Tax
Improvement
Tax Total Taxes
0.8 1.7928 $2,500 $4,482 $305,000 0.184 $56,120 $150,000 0.0211752 0.0052633 0.0052633 $94.91 $295.38 $789.50 $1,179.78
2 4.758 $2,500 $11,895 $162,000 0.184 $29,808 $150,000 0.0211752 0.0052633 0.0052633 $251.88 $156.89 $789.50 $1,198.26
4 9.7 $2,500 $24,250 $97,500 0.184 $17,940 $150,000 0.0211752 0.0052633 0.0052633 $513.50 $94.42 $789.50 $1,397.42
10 24.526 $2,500 $61,315 $73,000 0.184 $13,432 $150,000 0.0211752 0.0052633 0.0052633 $1,298.36 $70.70 $789.50 $2,158.55
Township of Langley
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total
Agricultural
Land Value
Residential
Land Value
Residential
area acres
Residential
Land value
Residential
Improvement
Value
Land Millage
Rate
Residential Land
Millage Rate
Residential
Improvement
Millage Rate
Farm Land
Taxes
Residential
Land Tax
Improvement
Tax Total Taxes
0.8 1.7928 $2,500 $4,482 $250,000 0.184 $46,000 $150,000 0.01397868 0.00569048 0.00569048 $62.65 $261.76 $853.57 $1,177.99
2 4.758 $2,500 $11,895 $105,000 0.184 $19,320 $150,000 0.01397868 0.00569048 0.00569048 $166.28 $109.94 $853.57 $1,129.79
4 9.7 $2,500 $24,250 $75,000 0.184 $13,800 $150,000 0.01397868 0.00569048 0.00569048 $338.98 $78.53 $853.57 $1,271.08
10 24.526 $2,500 $61,315 $37,500 0.184 $6,900 $150,000 0.01397868 0.00569048 0.00569048 $857.10 $39.26 $853.57 $1,749.94
Maple Ridge
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total
Agricultural
Land Value
Residential
Land Value
Residential
area acres
Residential
Land value
Residential
Improvement
Value
Land Millage
Rate
Residential Land
Millage Rate
Residential
Improvement
Millage Rate
Farm Land
Taxes
Residential
Land Tax
Improvement
Tax Total Taxes
0.8 1.7928 $2,500 $4,482 $150,000 0.184 $27,600 $150,000 0.0318001 0.0067711 0.0067711 $142.53 $186.88 $1,015.67 $1,345.08
2 4.758 $2,500 $11,895 $125,000 0.184 $23,000 $150,000 0.0318001 0.0067711 0.0067711 $378.26 $155.74 $1,015.67 $1,549.66
4 9.7 $2,500 $24,250 $75,000 0.184 $13,800 $150,000 0.0318001 0.0067711 0.0067711 $771.15 $93.44 $1,015.67 $1,880.26
10 24.526 $2,500 $61,315 $37,500 0.184 $6,900 $150,000 0.0318001 0.0067711 0.0067711 $1,949.82 $46.72 $1,015.67 $3,012.21
Pitt Meadows
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total
Agricultural
Land Value
Residential
Land Value
Residential
area acres
Residential
Land value
Residential
Improvement
Value
Land Millage
Rate
Residential Land
Millage Rate
Residential
Improvement
Millage Rate
Farm Land
Taxes
Residential
Land Tax
Improvement
Tax Total Taxes
0.8 1.7928 $2,500 $4,482 $200,000 0.184 $36,800 $150,000 0.033813 0.006394 0.006394 $151.55 $235.30 $959.10 $1,345.95
2 4.758 $2,500 $11,895 $110,000 0.184 $20,240 $150,000 0.033813 0.006394 0.006394 $402.21 $129.41 $959.10 $1,490.72
4 9.7 $2,500 $24,250 $75,000 0.184 $13,800 $150,000 0.033813 0.006394 0.006394 $819.97 $88.24 $959.10 $1,867.30
10 24.526 $2,500 $61,315 $37,500 0.184 $6,900 $150,000 0.033813 0.006394 0.006394 $2,073.24 $44.12 $959.10 $3,076.46
Port Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total
Agricultural
Land Value
Residential
Land Value
Residential
area acres
Residential
Land value
Residential
Improvement
Value
Land Millage
Rate
Residential Land
Millage Rate
Residential
Improvement
Millage Rate
Farm Land
Taxes
Residential
Land Tax
Improvement
Tax Total Taxes
0.8 1.7928 $2,500 $4,482 $388,000 0.184 $71,392 $150,000 0.027163 0.0060313 0.0060313 $121.74 $430.59 $904.70 $1,457.03
2 4.758 $2,500 $11,895 $215,600 0.184 $39,670 $150,000 0.027163 0.0060313 0.0060313 $323.10 $239.26 $904.70 $1,467.06
4 9.7 $2,500 $24,250 $124,000 0.184 $22,816 $150,000 0.027163 0.0060313 0.0060313 $658.70 $137.61 $904.70 $1,701.01
10 24.526 $2,500 $61,315 $94,400 0.184 $17,370 $150,000 0.027163 0.0060313 0.0060313 $1,665.50 $104.76 $904.70 $2,674.96
Richmond
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total
Agricultural
Land Value
Residential
Land Value
Residential
area acres
Residential
Land value
Residential
Improvement
Value
Land Millage
Rate
Residential Land
Millage Rate
Residential
Improvement
Millage Rate
Farm Land
Taxes
Residential
Land Tax
Improvement
Tax Total Taxes
0.8 1.7928 $2,500 $4,482 $500,000 0.184 $92,000 $150,000 0.016191 0.00416741 0.00416741 $72.57 $383.40 $625.11 $1,081.08
2 4.758 $2,500 $11,895 $300,000 0.184 $55,200 $150,000 0.016191 0.00416741 0.00416741 $192.59 $230.04 $625.11 $1,047.74
4 9.7 $2,500 $24,250 $240,000 0.184 $44,160 $150,000 0.016191 0.00416741 0.00416741 $392.63 $184.03 $625.11 $1,201.78
10 24.526 $2,500 $61,315 $120,000 0.184 $22,080 $150,000 0.016191 0.00416741 0.00416741 $992.75 $92.02 $625.11 $1,709.88
Surrey
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total
Agricultural
Land Value
Residential
Land Value
Residential
area acres
Residential
Land value
Residential
Improvement
Value
Land Millage
Rate
Residential Land
Millage Rate
Residential
Improvement
Millage Rate
Farm Land
Taxes
Residential
Land Tax
Improvement
Tax Total Taxes
0.8 1.7928 $2,500 $4,482 $275,000 0.184 $50,600 $150,000 0.0065188 0.00460163 0.00460163 $29.22 $232.84 $690.24 $952.30
2 4.758 $2,500 $11,895 $180,000 0.184 $33,120 $150,000 0.0065188 0.00460163 0.00460163 $77.54 $152.41 $690.24 $920.19
4 9.7 $2,500 $24,250 $100,000 0.184 $18,400 $150,000 0.0065188 0.00460163 0.00460163 $158.08 $84.67 $690.24 $933.00
10 24.526 $2,500 $61,315 $65,000 0.184 $11,960 $150,000 0.0065188 0.00460163 0.00460163 $399.70 $55.04 $690.24 $1,144.98
34
Comparison with and without farm resident 2 acres (0.8 hectares)
2 Acres (0.8 Hectares)
Non-Farm Resident Farm Resident Difference
Burnaby 1,351.92$ 708.28$ 643.63$
Delta 1,336.73$ 938.84$ 397.89$
Coquitlam 1,179.78$ 894.14$ 285.64$
Langley 1,177.99$ 922.65$ 255.33$
Maple Ridge 1,345.08$ 1,172.82$ 172.25$
Pitt Meadows 1,345.95$ 1,126.20$ 219.75$
Port Coquitlam 1,457.03$ 1,038.93$ 418.09$
Richmond 1,081.08$ 705.13$ 375.95$
Surrey 952.30$ 722.46$ 229.84$
$1,600.00
$1,1\00.00
$1,200.00
$1,000.00
$800.00 $600.00 $400 .00
$200.00 $.
Colliers I " ' E~"'AI I O ~"'I
• No,,-Fdrnl Re sident
• Farm Resident
35
Comparison with and without farm resident 5 acres (2.0 hectares)
5 Acres (2.0 Hectares)
Non-Farm Resident Farm Resident Difference
Burnaby 1,234.60$ 807.57$ 427.04$
Delta 1,324.66$ 1,100.12$ 224.53$
Coquitlam 1,198.26$ 1,051.11$ 147.15$
Langley 1,129.79$ 1,026.28$ 103.51$
Maple Ridge 1,549.66$ 1,408.56$ 141.11$
Pitt Meadows 1,490.72$ 1,376.86$ 113.86$
Port Coquitlam 1,467.06$ 1,240.29$ 226.77$
Richmond 1,047.74$ 825.15$ 222.59$
Surrey 920.19$ 770.78$ 149.41$
$1.,800,00
$1,600.00 $1,400.00 $1,200 .00 $1,000.00
$800.00 $600 .00 $400.00
$200.00 $-
Colliers I " ' E~"'AI I O ~"'I
• Non-F<lrm Resident
• Farm Resident
36
Comparison with and without farm resident 10 acres (4.0 hectares)
10 Acres (4.0 Hectares)
Non-Farm Resident Farm Resident Difference
Burnaby 1,281.94$ 973.05$ 308.89$
Delta 1,501.69$ 1,368.93$ 132.76$
Coquitlam 1,397.42$ 1,312.73$ 84.68$
Langley 1,271.08$ 1,198.99$ 72.10$
Maple Ridge 1,880.26$ 1,801.45$ 78.81$
Pitt Meadows 1,867.30$ 1,794.62$ 72.68$
Port Coquitlam 1,701.01$ 1,575.89$ 125.12$
Richmond 1,201.78$ 1,025.19$ 176.58$
Surrey 933.00$ 851.32$ 81.67$
$2,000.00 $1,800.00 $1.600.00 $1,400 .00 $1,200 .00 $1,000 .00
$800.00 $600.00 $400.00 $200 .00
$-
Colliers I " ' E~"'AI I O ~"'I
• Non-Farm Re sident
• Farm Re sident
37
Comparison with and without farm resident 25 acres (10.0 hectares)
25 Acres (10.0 Hectares)
Non-Farm Resident Farm Resident Difference
Burnaby 1,628.72$ 1,469.48$ 159.24$
Delta 2,236.73$ 2,175.35$ 61.37$
Coquitlam 2,158.55$ 2,097.59$ 60.96$
Langley 1,749.94$ 1,717.10$ 32.83$
Maple Ridge 3,012.21$ 2,980.12$ 32.09$
Pitt Meadows 3,076.46$ 3,047.90$ 28.56$
Port Coquitlam 2,674.96$ 2,582.69$ 92.27$
Richmond 1,709.88$ 1,625.31$ 84.57$
Surrey 1,144.98$ 1,092.94$ 52.04$
$3,500.00
$3,000 .00
$2,500.00
$2,000.00
$1,500 .00
$1,000.00
$500.00
$-
• Non-Farm Resident
• Farm Resident
Colliers I " ' E~"'AI I O ~"'I
38
Conclusions
When comparing properties with a farmer resident and without a farmer resident, the largest difference is for
smaller parcels. This is due to the higher land value per acre for smaller parcels of residential land, as well as
the residential land comprising a larger proportion of the overall parcel value. As land size increases, the value of
the residential land as well as the proportion of value it contributes declines. At 25 acres (10.0 hectares) the
difference between a farm resident and a non-farm resident is negligible.
Assessment of farm class status properties with farmer residents is more significant on smaller properties than
larger ones.
As an aside, under the Taxation Rural Area Act roperty tax. As most areas
within the Metro Vancouver region are incorporated municipalities, farm properties do not fall under the
jurisdiction of the Taxation Rural Area Act. The exception to this is Barnston Island which is subject to the
Taxation Rural Area Act.
39
Scenario 3 Improvement / Residential Building Value
Originally, the question of the difference in improvement values was separated into two scenarios. One involving
residences of different sizes (ie, 1,500 sq ft, 2,500 sq ft, 3,500 sq ft, and 5,000 sq ft) and a separate scenario
involving different property values (ie. Improvement values of $0, $150,000, $250,000 and $500,000). Due to
the method of valuation utilized by BC Assessment to determine improvement value, these two scenarios have
been combined.
In the valuation of the residential building component of a farm property, BC Assessment utilizes a market
improvements, and then depreciating the value based primarily on physical depreciation. Depreciation of a
building is limited to 98% of the replacement cost.
used by BC Assessment closely mirrors
the improvement used by Colliers
International
Marshall and Swift model of valuation for the improvement values of homes ranging from 1,500 sq ft to 5,000 sq
ft and associated building ages and conditions.
Colliers International worked under the following assumptions in the calculation of the taxation base for this
scenario:
1. The valuation of property used by BC Assessment is considered to be similar to that of Marshall and
Swift Valuation Manual. Valuation is as of December 31st, 2013. Any changes in cost models would
2. The location, topography,
various municipalities.
3. Improvement
4. Properties are assumed to be typical two storey buildings of average storey height and a Type 1 area-
perimeter ratio. This is outlined in the following pages.
40
Replacement Cost
Single Family Home 1,500 sq ft- Metro Vancouver
New Construction New Construction Old Construction Old Construction
Occupancy: Single Family Single Family Single Family Single Family
Building Class and Quality: D Class / Average D Class / Excellent D Class / Average D Class / Excellent
Exterior Wall: Wood Frame Wood Frame Wood Frame Wood Frame
No. of Stories: 2 2 2 2
Property Size: 1,500 1,500 1,500 1,500
Average Height per Storey: 10 10 10 10
Average Floor Area: Variable Variable Variable Variable
Average Perimeter: Variable Variable Variable Variable
Building Age: 2000 2000 1970 1970
Building Condition: Average Very Good Average Very Good
Section I Section I Section I Section I
Base Cost per Square Foot: $77.39 $152.40 $77.39 $152.40
Square Foot Refinements
Heating, Ventilation & Cooling: $2.12 $9.50 $2.12 $9.50
Elevator Deduction: $0.00 $0.00 $0.00 $0.00
Miscellaneous: $0.00 $0.00 $0.00 $0.00
Sub-total: $79.51 $161.90 $79.51 $161.90
Height & Size Adjustments
Number of Stories Multiplier: 1.000 1.000 1.000 1.000
Height per Storey Multiplier: 1.000 1.000 1.000 1.000
Floor Area-Perimieter Multiplier: 1.000 1.000 1.000 1.000
Sub-total: 1.000 1.000 1.000 1.000
Final Calculations Section I Section I Section I Section I
Refined Square Foot Cost: $79.51 $161.90 $79.51 $161.90
Current Cost Multiplier: x 1.060 x 1.060 x 1.060 x 1.060
Local Multiplier: x 1.190 x 1.190 x 1.190 x 1.190
Final Square Foot Cost: $100.29 $204.22 $100.29 $204.22
Area SF: 1,500 1,500 1,500 1,500
Replacement Cost: $150,441 $306,331 $150,441 $306,331
Physical Depreciation %: 0.00% 0.00% 98.00% 98.00%
Depreciation $: -$ -$ 147,432$ 300,204$
Depreciated Replacement Cost: $150,441 $306,331 $3,009 $6,127
Land Value: $0 $0 $0 $0
Final building Value Estimate via Cost
Approach(1)
$150,000 $306,000 $3,000 $6,000
(1) Rounded to nearest $1,000
Colliers ,' F,,, ,,O"·
41
Replacement Cost
Single Family Home 2,500 sq ft - Metro Vancouver
New Construction New Construction Old Construction Old Construction
Occupancy: Single Family Single Family Single Family Single Family
Building Class and Quality: D Class / Average D Class / Excellent D Class / Average D Class / Excellent
Exterior Wall: Wood Frame Wood Frame Wood Frame Wood Frame
No. of Stories: 2 2 2 2
Property Size: 2,500 2,500 2,500 2,500
Average Height per Storey: 10 10 10 10
Average Floor Area: Variable Variable Variable Variable
Average Perimeter: Variable Variable Variable Variable
Building Age: 2000 2000 1970 1970
Building Condition: Average Very Good Average Very Good
Section I Section I Section I Section I
Base Cost per Square Foot: $77.39 $152.40 $77.39 $152.40
Square Foot Refinements
Heating, Ventilation & Cooling: $2.12 $9.50 $2.12 $9.50
Elevator Deduction: $0.00 $0.00 $0.00 $0.00
Miscellaneous: $0.00 $0.00 $0.00 $0.00
Sub-total: $79.51 $161.90 $79.51 $161.90
Height & Size Adjustments
Number of Stories Multiplier: 1.000 1.000 1.000 1.000
Height per Storey Multiplier: 1.000 1.000 1.000 1.000
Floor Area-Perimieter Multiplier: 1.000 1.000 1.000 1.000
Sub-total: 1.000 1.000 1.000 1.000
Final Calculations Section I Section I Section I Section I
Refined Square Foot Cost: $79.51 $161.90 $79.51 $161.90
Current Cost Multiplier: x 1.060 x 1.060 x 1.060 x 1.060
Local Multiplier: x 1.190 x 1.190 x 1.190 x 1.190
Final Square Foot Cost: $100.29 $204.22 $100.29 $204.22
Area SF: 2,500 2,500 2,500 2,500
Replacement Cost: $250,735 $510,552 $250,735 $510,552
Physical Depreciation %: 0.00% 0.00% 98.00% 98.00%
Depreciation $: -$ -$ 245,720$ 500,341$
Depreciated Replacement Cost: $250,735 $510,552 $5,015 $10,211
Land Value: $0 $0 $0 $0
Final Building Value Estimate via Cost
Approach(1)
$251,000 $511,000 $5,000 $10,000
(1) Rounded to nearest $1,000
Colliers ,' F,,, ,,O"·
42
Replacement Cost
Single Family Home 3,500 sq ft - Metro Vancouver
New Construction New Construction Old Construction Old Construction
Occupancy: Single Family Single Family Single Family Single Family
Building Class and Quality: D Class / Average D Class / Excellent D Class / Average D Class / Excellent
Exterior Wall: Wood Frame Wood Frame Wood Frame Wood Frame
No. of Stories: 2 2 2 2
Property Size: 3,500 3,500 3,500 3,500
Average Height per Storey: 10 10 10 10
Average Floor Area: Variable Variable Variable Variable
Average Perimeter: Variable Variable Variable Variable
Building Age: 2000 2000 1970 1970
Building Condition: Average Very Good Average Very Good
Section I Section I Section I Section I
Base Cost per Square Foot: $77.39 $152.40 $77.39 $152.40
Square Foot Refinements
Heating, Ventilation & Cooling: $2.12 $9.50 $2.12 $9.50
Elevator Deduction: $0.00 $0.00 $0.00 $0.00
Miscellaneous: $0.00 $0.00 $0.00 $0.00
Sub-total: $79.51 $161.90 $79.51 $161.90
Height & Size Adjustments
Number of Stories Multiplier: 1.000 1.000 1.000 1.000
Height per Storey Multiplier: 1.000 1.000 1.000 1.000
Floor Area-Perimieter Multiplier: 1.000 1.000 1.000 1.000
Sub-total: 1.000 1.000 1.000 1.000
Final Calculations Section I Section I Section I Section I
Refined Square Foot Cost: $79.51 $161.90 $79.51 $161.90
Current Cost Multiplier: x 1.060 x 1.060 x 1.060 x 1.060
Local Multiplier: x 1.190 x 1.190 x 1.190 x 1.190
Final Square Foot Cost: $100.29 $204.22 $100.29 $204.22
Area SF: 3,500 3,500 3,500 3,500
Replacement Cost: $351,029 $714,772 $351,029 $714,772
Physical Depreciation %: 0.00% 0.00% 98.00% 98.00%
Depreciation $: -$ -$ 344,008$ 700,477$
Depreciated Replacement Cost: $351,029 $714,772 $7,021 $14,295
Land Value: $0 $0 $0 $0
Final Building Value Estimate via Cost
Approach(1)
$351,000 $715,000 $7,000 $14,000
(1) Rounded to nearest $1,000
Colliers ,' F,,, ,,O"·
43
Replacement Cost
Single Family Home 5,000 sq ft - Metro Vancouver
New Construction New Construction Old Construction Old Construction
Occupancy: Single Family Single Family Single Family Single Family
Building Class and Quality: D Class / Average D Class / Excellent D Class / Average D Class / Excellent
Exterior Wall: Wood Frame Wood Frame Wood Frame Wood Frame
No. of Stories: 2 2 2 2
Property Size: 5,000 5,000 5,000 5,000
Average Height per Storey: 10 10 10 10
Average Floor Area: Variable Variable Variable Variable
Average Perimeter: Variable Variable Variable Variable
Building Age: 2000 2000 1970 1970
Building Condition: Average Very Good Average Very Good
Section I Section I Section I Section I
Base Cost per Square Foot: $77.39 $152.40 $77.39 $152.40
Square Foot Refinements
Heating, Ventilation & Cooling: $2.12 $9.50 $2.12 $9.50
Elevator Deduction: $0.00 $0.00 $0.00 $0.00
Miscellaneous: $0.00 $0.00 $0.00 $0.00
Sub-total: $79.51 $161.90 $79.51 $161.90
Height & Size Adjustments
Number of Stories Multiplier: 1.000 1.000 1.000 1.000
Height per Storey Multiplier: 1.000 1.000 1.000 1.000
Floor Area-Perimieter Multiplier: 1.000 1.000 1.000 1.000
Sub-total: 1.000 1.000 1.000 1.000
Final Calculations Section I Section I Section I Section I
Refined Square Foot Cost: $79.51 $161.90 $79.51 $161.90
Current Cost Multiplier: x 1.060 x 1.060 x 1.060 x 1.060
Local Multiplier: x 1.190 x 1.190 x 1.190 x 1.190
Final Square Foot Cost: $100.29 $204.22 $100.29 $204.22
Area SF: 5,000 5,000 5,000 5,000
Replacement Cost: $501,470 $1,021,103 $501,470 $1,021,103
Physical Depreciation %: 0.00% 0.00% 98.00% 98.00%
Depreciation $: -$ -$ 491,440$ 1,000,681$
Depreciated Replacement Cost: $501,470 $1,021,103 $10,029 $20,422
Land Value: $0 $0 $0 $0
Final Building Value Estimate via Cost
Approach(1)
$501,000 $1,021,000 $10,000 $20,000
(1) Rounded to nearest $1,000
Colliers ,' F,,, ,,O"·
44
As is demonstrated on the preceding analysis, improvement values can range from $3,000 to $20,000 for
improvements that are 98% depreciated and $150,000 to $1,021,000 for newly constructed improvements. For
ease of comparison, Colliers International has assumed improvement values of $0, $150,000, $250,000 and
$500,000 as originally requested.
The following tables are organized to demonstrate the results of the three variables presented: Location, Property
Size and Improvement Value. Within each municipality, the information is grouped by improvement value
corresponding with various requested property sizes. For example, properties within Burnaby with no
improvement value range between $66.19 and $827.39 in tax for parcel sizes of 2 acres (0.8 hectares) to 25
acres (10.0 hectares).
45
Properties With Farm Class
Burnaby
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $2,500 $4,942 $0 0.0133936 0.0042806 $66.19 $0.00 $66.19
2 4.942 $2,500 $12,355 $0 0.0133936 0.0042806 $165.48 $0.00 $165.48
4 9.884 $2,500 $24,710 $0 0.0133936 0.0042806 $330.96 $0.00 $330.96
10 24.71 $2,500 $61,775 $0 0.0133936 0.0042806 $827.39 $0.00 $827.39
0.8 1.9768 $2,500 $4,942 $150,000 0.00996879 0.00460163 $49.27 $690.24 $739.51
2 4.942 $2,500 $12,355 $150,000 0.00996879 0.00460163 $123.16 $690.24 $813.41
4 9.884 $2,500 $24,710 $150,000 0.00996879 0.00460163 $246.33 $690.24 $936.57
10 24.71 $2,500 $61,775 $150,000 0.00996879 0.00460163 $615.82 $690.24 $1,306.07
0.8 1.9768 $2,500 $4,942 $250,000 0.00996879 0.00460163 $49.27 $1,150.41 $1,199.67
2 4.942 $2,500 $12,355 $250,000 0.00996879 0.00460163 $123.16 $1,150.41 $1,273.57
4 9.884 $2,500 $24,710 $250,000 0.00996879 0.00460163 $246.33 $1,150.41 $1,396.74
10 24.71 $2,500 $61,775 $250,000 0.00996879 0.00460163 $615.82 $1,150.41 $1,766.23
0.8 1.9768 $2,500 $4,942 $500,000 0.00996879 0.00460163 $49.27 $2,300.82 $2,350.08
2 4.942 $2,500 $12,355 $500,000 0.00996879 0.00460163 $123.16 $2,300.82 $2,423.98
4 9.884 $2,500 $24,710 $500,000 0.00996879 0.00460163 $246.33 $2,300.82 $2,547.14
10 24.71 $2,500 $61,775 $500,000 0.00996879 0.00460163 $615.82 $2,300.82 $2,916.64
Delta
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $2,500 $4,942 $0 0.021757 0.0055421 $107.52 $0.00 $107.52
2 4.942 $2,500 $12,355 $0 0.021757 0.0055421 $268.81 $0.00 $268.81
4 9.884 $2,500 $24,710 $0 0.021757 0.0055421 $537.62 $0.00 $537.62
10 24.71 $2,500 $61,775 $0 0.021757 0.0055421 $1,344.04 $0.00 $1,344.04
0.8 1.9768 $2,500 $4,942 $150,000 0.021757 0.0055421 $107.52 $831.32 $938.84
2 4.942 $2,500 $12,355 $150,000 0.021757 0.0055421 $268.81 $831.32 $1,100.12
4 9.884 $2,500 $24,710 $150,000 0.021757 0.0055421 $537.62 $831.32 $1,368.93
10 24.71 $2,500 $61,775 $150,000 0.021757 0.0055421 $1,344.04 $831.32 $2,175.35
0.8 1.9768 $2,500 $4,942 $250,000 0.021757 0.0055421 $107.52 $1,385.53 $1,493.05
2 4.942 $2,500 $12,355 $250,000 0.021757 0.0055421 $268.81 $1,385.53 $1,654.33
4 9.884 $2,500 $24,710 $250,000 0.021757 0.0055421 $537.62 $1,385.53 $1,923.14
10 24.71 $2,500 $61,775 $250,000 0.021757 0.0055421 $1,344.04 $1,385.53 $2,729.56
0.8 1.9768 $2,500 $4,942 $500,000 0.021757 0.0055421 $107.52 $2,771.05 $2,878.57
2 4.942 $2,500 $12,355 $500,000 0.021757 0.0055421 $268.81 $2,771.05 $3,039.86
4 9.884 $2,500 $24,710 $500,000 0.021757 0.0055421 $537.62 $2,771.05 $3,308.67
10 24.71 $2,500 $61,775 $500,000 0.021757 0.0055421 $1,344.04 $2,771.05 $4,115.09
Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $2,500 $4,942 $0 0.0211752 0.0052633 $104.65 $0.00 $104.65
2 4.942 $2,500 $12,355 $0 0.0211752 0.0052633 $261.62 $0.00 $261.62
4 9.884 $2,500 $24,710 $0 0.0211752 0.0052633 $523.24 $0.00 $523.24
10 24.71 $2,500 $61,775 $0 0.0211752 0.0052633 $1,308.10 $0.00 $1,308.10
0.8 1.9768 $2,500 $4,942 $150,000 0.0211752 0.0052633 $104.65 $789.50 $894.14
2 4.942 $2,500 $12,355 $150,000 0.0211752 0.0052633 $261.62 $789.50 $1,051.11
4 9.884 $2,500 $24,710 $150,000 0.0211752 0.0052633 $523.24 $789.50 $1,312.73
10 24.71 $2,500 $61,775 $150,000 0.0211752 0.0052633 $1,308.10 $789.50 $2,097.59
0.8 1.9768 $2,500 $4,942 $250,000 0.0211752 0.0052633 $104.65 $1,315.83 $1,420.47
2 4.942 $2,500 $12,355 $250,000 0.0211752 0.0052633 $261.62 $1,315.83 $1,577.44
4 9.884 $2,500 $24,710 $250,000 0.0211752 0.0052633 $523.24 $1,315.83 $1,839.06
10 24.71 $2,500 $61,775 $250,000 0.0211752 0.0052633 $1,308.10 $1,315.83 $2,623.92
0.8 1.9768 $2,500 $4,942 $500,000 0.0211752 0.0052633 $104.65 $2,631.65 $2,736.30
2 4.942 $2,500 $12,355 $500,000 0.0211752 0.0052633 $261.62 $2,631.65 $2,893.27
4 9.884 $2,500 $24,710 $500,000 0.0211752 0.0052633 $523.24 $2,631.65 $3,154.89
10 24.71 $2,500 $61,775 $500,000 0.0211752 0.0052633 $1,308.10 $2,631.65 $3,939.75
Colliers ,' F,,, ,,O"·
46
Properties With Farm Class continued
Township of Langley
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $2,500 $4,942 $0 0.01397868 0.00569048 $69.08 $0.00 $69.08
2 4.942 $2,500 $12,355 $0 0.01397868 0.00569048 $172.71 $0.00 $172.71
4 9.884 $2,500 $24,710 $0 0.01397868 0.00569048 $345.41 $0.00 $345.41
10 24.71 $2,500 $61,775 $0 0.01397868 0.00569048 $863.53 $0.00 $863.53
0.8 1.9768 $2,500 $4,942 $150,000 0.01397868 0.00569048 $69.08 $853.57 $922.65
2 4.942 $2,500 $12,355 $150,000 0.01397868 0.00569048 $172.71 $853.57 $1,026.28
4 9.884 $2,500 $24,710 $150,000 0.01397868 0.00569048 $345.41 $853.57 $1,198.99
10 24.71 $2,500 $61,775 $150,000 0.01397868 0.00569048 $863.53 $853.57 $1,717.10
0.8 1.9768 $2,500 $4,942 $250,000 0.01397868 0.00569048 $69.08 $1,422.62 $1,491.70
2 4.942 $2,500 $12,355 $250,000 0.01397868 0.00569048 $172.71 $1,422.62 $1,595.33
4 9.884 $2,500 $24,710 $250,000 0.01397868 0.00569048 $345.41 $1,422.62 $1,768.03
10 24.71 $2,500 $61,775 $250,000 0.01397868 0.00569048 $863.53 $1,422.62 $2,286.15
0.8 1.9768 $2,500 $4,942 $500,000 0.01397868 0.00569048 $69.08 $2,845.24 $2,914.32
2 4.942 $2,500 $12,355 $500,000 0.01397868 0.00569048 $172.71 $2,845.24 $3,017.95
4 9.884 $2,500 $24,710 $500,000 0.01397868 0.00569048 $345.41 $2,845.24 $3,190.65
10 24.71 $2,500 $61,775 $500,000 0.01397868 0.00569048 $863.53 $2,845.24 $3,708.77
Maple Ridge
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $2,500 $4,942 $0 0.0318001 0.0067711 $157.16 $0.00 $157.16
2 4.942 $2,500 $12,355 $0 0.0318001 0.0067711 $392.89 $0.00 $392.89
4 9.884 $2,500 $24,710 $0 0.0318001 0.0067711 $785.78 $0.00 $785.78
10 24.71 $2,500 $61,775 $0 0.0318001 0.0067711 $1,964.45 $0.00 $1,964.45
0.8 1.9768 $2,500 $4,942 $150,000 0.0318001 0.0067711 $157.16 $1,015.67 $1,172.82
2 4.942 $2,500 $12,355 $150,000 0.0318001 0.0067711 $392.89 $1,015.67 $1,408.56
4 9.884 $2,500 $24,710 $150,000 0.0318001 0.0067711 $785.78 $1,015.67 $1,801.45
10 24.71 $2,500 $61,775 $150,000 0.0318001 0.0067711 $1,964.45 $1,015.67 $2,980.12
0.8 1.9768 $2,500 $4,942 $250,000 0.0318001 0.0067711 $157.16 $1,692.78 $1,849.93
2 4.942 $2,500 $12,355 $250,000 0.0318001 0.0067711 $392.89 $1,692.78 $2,085.67
4 9.884 $2,500 $24,710 $250,000 0.0318001 0.0067711 $785.78 $1,692.78 $2,478.56
10 24.71 $2,500 $61,775 $250,000 0.0318001 0.0067711 $1,964.45 $1,692.78 $3,657.23
0.8 1.9768 $2,500 $4,942 $500,000 0.0318001 0.0067711 $157.16 $3,385.55 $3,542.71
2 4.942 $2,500 $12,355 $500,000 0.0318001 0.0067711 $392.89 $3,385.55 $3,778.44
4 9.884 $2,500 $24,710 $500,000 0.0318001 0.0067711 $785.78 $3,385.55 $4,171.33
10 24.71 $2,500 $61,775 $500,000 0.0318001 0.0067711 $1,964.45 $3,385.55 $5,350.00
Pitt Meadows
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $2,500 $4,942 $0 0.033813 0.006394 $167.10 $0.00 $167.10
2 4.942 $2,500 $12,355 $0 0.033813 0.006394 $417.76 $0.00 $417.76
4 9.884 $2,500 $24,710 $0 0.033813 0.006394 $835.52 $0.00 $835.52
10 24.71 $2,500 $61,775 $0 0.033813 0.006394 $2,088.80 $0.00 $2,088.80
0.8 1.9768 $2,500 $4,942 $150,000 0.033813 0.006394 $167.10 $959.10 $1,126.20
2 4.942 $2,500 $12,355 $150,000 0.033813 0.006394 $417.76 $959.10 $1,376.86
4 9.884 $2,500 $24,710 $150,000 0.033813 0.006394 $835.52 $959.10 $1,794.62
10 24.71 $2,500 $61,775 $150,000 0.033813 0.006394 $2,088.80 $959.10 $3,047.90
0.8 1.9768 $2,500 $4,942 $250,000 0.033813 0.006394 $167.10 $1,598.50 $1,765.60
2 4.942 $2,500 $12,355 $250,000 0.033813 0.006394 $417.76 $1,598.50 $2,016.26
4 9.884 $2,500 $24,710 $250,000 0.033813 0.006394 $835.52 $1,598.50 $2,434.02
10 24.71 $2,500 $61,775 $250,000 0.033813 0.006394 $2,088.80 $1,598.50 $3,687.30
0.8 1.9768 $2,500 $4,942 $500,000 0.033813 0.006394 $167.10 $3,197.00 $3,364.10
2 4.942 $2,500 $12,355 $500,000 0.033813 0.006394 $417.76 $3,197.00 $3,614.76
4 9.884 $2,500 $24,710 $500,000 0.033813 0.006394 $835.52 $3,197.00 $4,032.52
10 24.71 $2,500 $61,775 $500,000 0.033813 0.006394 $2,088.80 $3,197.00 $5,285.80
Colliers ,' F,,, ,,O"·
47
Properties With Farm Class continued
Port Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $2,500 $4,942 $0 0.027163 0.0060313 $134.24 $0.00 $134.24
2 4.942 $2,500 $12,355 $0 0.027163 0.0060313 $335.60 $0.00 $335.60
4 9.884 $2,500 $24,710 $0 0.027163 0.0060313 $671.20 $0.00 $671.20
10 24.71 $2,500 $61,775 $0 0.027163 0.0060313 $1,677.99 $0.00 $1,677.99
0.8 1.9768 $2,500 $4,942 $150,000 0.027163 0.0060313 $134.24 $904.70 $1,038.93
2 4.942 $2,500 $12,355 $150,000 0.027163 0.0060313 $335.60 $904.70 $1,240.29
4 9.884 $2,500 $24,710 $150,000 0.027163 0.0060313 $671.20 $904.70 $1,575.89
10 24.71 $2,500 $61,775 $150,000 0.027163 0.0060313 $1,677.99 $904.70 $2,582.69
0.8 1.9768 $2,500 $4,942 $250,000 0.027163 0.0060313 $134.24 $1,507.83 $1,642.06
2 4.942 $2,500 $12,355 $250,000 0.027163 0.0060313 $335.60 $1,507.83 $1,843.42
4 9.884 $2,500 $24,710 $250,000 0.027163 0.0060313 $671.20 $1,507.83 $2,179.02
10 24.71 $2,500 $61,775 $250,000 0.027163 0.0060313 $1,677.99 $1,507.83 $3,185.82
0.8 1.9768 $2,500 $4,942 $500,000 0.027163 0.0060313 $134.24 $3,015.65 $3,149.89
2 4.942 $2,500 $12,355 $500,000 0.027163 0.0060313 $335.60 $3,015.65 $3,351.25
4 9.884 $2,500 $24,710 $500,000 0.027163 0.0060313 $671.20 $3,015.65 $3,686.85
10 24.71 $2,500 $61,775 $500,000 0.027163 0.0060313 $1,677.99 $3,015.65 $4,693.64
Richmond
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $2,500 $4,942 $0 0.016191 0.00416741 $80.02 $0.00 $80.02
2 4.942 $2,500 $12,355 $0 0.016191 0.00416741 $200.04 $0.00 $200.04
4 9.884 $2,500 $24,710 $0 0.016191 0.00416741 $400.08 $0.00 $400.08
10 24.71 $2,500 $61,775 $0 0.016191 0.00416741 $1,000.20 $0.00 $1,000.20
0.8 1.9768 $2,500 $4,942 $150,000 0.016191 0.00416741 $80.02 $625.11 $705.13
2 4.942 $2,500 $12,355 $150,000 0.016191 0.00416741 $200.04 $625.11 $825.15
4 9.884 $2,500 $24,710 $150,000 0.016191 0.00416741 $400.08 $625.11 $1,025.19
10 24.71 $2,500 $61,775 $150,000 0.016191 0.00416741 $1,000.20 $625.11 $1,625.31
0.8 1.9768 $2,500 $4,942 $250,000 0.016191 0.00416741 $80.02 $1,041.85 $1,121.87
2 4.942 $2,500 $12,355 $250,000 0.016191 0.00416741 $200.04 $1,041.85 $1,241.89
4 9.884 $2,500 $24,710 $250,000 0.016191 0.00416741 $400.08 $1,041.85 $1,441.93
10 24.71 $2,500 $61,775 $250,000 0.016191 0.00416741 $1,000.20 $1,041.85 $2,042.05
0.8 1.9768 $2,500 $4,942 $500,000 0.016191 0.00416741 $80.02 $2,083.71 $2,163.72
2 4.942 $2,500 $12,355 $500,000 0.016191 0.00416741 $200.04 $2,083.71 $2,283.74
4 9.884 $2,500 $24,710 $500,000 0.016191 0.00416741 $400.08 $2,083.71 $2,483.78
10 24.71 $2,500 $61,775 $500,000 0.016191 0.00416741 $1,000.20 $2,083.71 $3,083.90
Surrey
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $2,500 $4,942 $0 0.00651879 0.00460163 $32.22 $0.00 $32.22
2 4.942 $2,500 $12,355 $0 0.00651879 0.00460163 $80.54 $0.00 $80.54
4 9.884 $2,500 $24,710 $0 0.00651879 0.00460163 $161.08 $0.00 $161.08
10 24.71 $2,500 $61,775 $0 0.00651879 0.00460163 $402.70 $0.00 $402.70
0.8 1.9768 $2,500 $4,942 $150,000 0.00651879 0.00460163 $32.22 $690.24 $722.46
2 4.942 $2,500 $12,355 $150,000 0.00651879 0.00460163 $80.54 $690.24 $770.78
4 9.884 $2,500 $24,710 $150,000 0.00651879 0.00460163 $161.08 $690.24 $851.32
10 24.71 $2,500 $61,775 $150,000 0.00651879 0.00460163 $402.70 $690.24 $1,092.94
0.8 1.9768 $2,500 $4,942 $250,000 0.00651879 0.00460163 $32.22 $1,150.41 $1,182.62
2 4.942 $2,500 $12,355 $250,000 0.00651879 0.00460163 $80.54 $1,150.41 $1,230.95
4 9.884 $2,500 $24,710 $250,000 0.00651879 0.00460163 $161.08 $1,150.41 $1,311.49
10 24.71 $2,500 $61,775 $250,000 0.00651879 0.00460163 $402.70 $1,150.41 $1,553.11
0.8 1.9768 $2,500 $4,942 $500,000 0.00651879 0.00460163 $32.22 $2,300.82 $2,333.03
2 4.942 $2,500 $12,355 $500,000 0.00651879 0.00460163 $80.54 $2,300.82 $2,381.35
4 9.884 $2,500 $24,710 $500,000 0.00651879 0.00460163 $161.08 $2,300.82 $2,461.89
10 24.71 $2,500 $61,775 $500,000 0.00651879 0.00460163 $402.70 $2,300.82 $2,703.51
Colliers ,' F,,, ,,O"·
48
Properties Without Farm Class Burnaby
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $825,000 $1,630,860 $0 0.0042806 0.0042806 $6,981.06 $0.00 $6,981.06
2 4.942 $550,000 $2,718,100 $0 0.0042806 0.0042806 $11,635.10 $0.00 $11,635.10
4 9.884 $400,000 $3,953,600 $0 0.0042806 0.0042806 $16,923.78 $0.00 $16,923.78
10 24.71 $210,000 $5,189,100 $0 0.0042806 0.0042806 $22,212.46 $0.00 $22,212.46
0.8 1.9768 $825,000 $1,630,860 $150,000 0.0042806 0.0042806 $6,981.06 $642.09 $7,623.15
2 4.942 $550,000 $2,718,100 $150,000 0.0042806 0.0042806 $11,635.10 $642.09 $12,277.19
4 9.884 $400,000 $3,953,600 $150,000 0.0042806 0.0042806 $16,923.78 $642.09 $17,565.87
10 24.71 $210,000 $5,189,100 $150,000 0.0042806 0.0042806 $22,212.46 $642.09 $22,854.55
0.8 1.9768 $825,000 $1,630,860 $250,000 0.0042806 0.0042806 $6,981.06 $1,070.15 $8,051.21
2 4.942 $550,000 $2,718,100 $250,000 0.0042806 0.0042806 $11,635.10 $1,070.15 $12,705.25
4 9.884 $400,000 $3,953,600 $250,000 0.0042806 0.0042806 $16,923.78 $1,070.15 $17,993.93
10 24.71 $210,000 $5,189,100 $250,000 0.0042806 0.0042806 $22,212.46 $1,070.15 $23,282.61
0.8 1.9768 $825,000 $1,630,860 $500,000 0.0042806 0.0042806 $6,981.06 $2,140.30 $9,121.36
2 4.942 $550,000 $2,718,100 $500,000 0.0042806 0.0042806 $11,635.10 $2,140.30 $13,775.40
4 9.884 $400,000 $3,953,600 $500,000 0.0042806 0.0042806 $16,923.78 $2,140.30 $19,064.08
10 24.71 $210,000 $5,189,100 $500,000 0.0042806 0.0042806 $22,212.46 $2,140.30 $24,352.76
Delta
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $400,000 $790,720 $0 0.0055421 0.0055421 $4,382.25 $0.00 $4,382.25
2 4.942 $230,000 $1,136,660 $0 0.0055421 0.0055421 $6,299.48 $0.00 $6,299.48
4 9.884 $140,000 $1,383,760 $0 0.0055421 0.0055421 $7,668.94 $0.00 $7,668.94
10 24.71 $70,000 $1,729,700 $0 0.0055421 0.0055421 $9,586.17 $0.00 $9,586.17
0
0.8 1.9768 $400,000 $790,720 $150,000 0.0055421 0.0055421 $4,382.25 $831.32 $5,213.56
2 4.942 $230,000 $1,136,660 $150,000 0.0055421 0.0055421 $6,299.48 $831.32 $7,130.80
4 9.884 $140,000 $1,383,760 $150,000 0.0055421 0.0055421 $7,668.94 $831.32 $8,500.25
10 24.71 $70,000 $1,729,700 $150,000 0.0055421 0.0055421 $9,586.17 $831.32 $10,417.49
0
0.8 1.9768 $400,000 $790,720 $250,000 0.0055421 0.0055421 $4,382.25 $1,385.53 $5,767.77
2 4.942 $230,000 $1,136,660 $250,000 0.0055421 0.0055421 $6,299.48 $1,385.53 $7,685.01
4 9.884 $140,000 $1,383,760 $250,000 0.0055421 0.0055421 $7,668.94 $1,385.53 $9,054.46
10 24.71 $70,000 $1,729,700 $250,000 0.0055421 0.0055421 $9,586.17 $1,385.53 $10,971.70
0
0.8 1.9768 $400,000 $790,720 $500,000 0.0055421 0.0055421 $4,382.25 $2,771.05 $7,153.30
2 4.942 $230,000 $1,136,660 $500,000 0.0055421 0.0055421 $6,299.48 $2,771.05 $9,070.53
4 9.884 $140,000 $1,383,760 $500,000 0.0055421 0.0055421 $7,668.94 $2,771.05 $10,439.99
10 24.71 $70,000 $1,729,700 $500,000 0.0055421 0.0055421 $9,586.17 $2,771.05 $12,357.22
Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $305,000 $602,924 $0 0.0052633 0.0052633 $3,173.37 $0.00 $3,173.37
2 4.942 $162,000 $800,604 $0 0.0052633 0.0052633 $4,213.82 $0.00 $4,213.82
4 9.884 $97,500 $963,690 $0 0.0052633 0.0052633 $5,072.19 $0.00 $5,072.19
10 24.71 $73,000 $1,803,830 $0 0.0052633 0.0052633 $9,494.10 $0.00 $9,494.10
0
0.8 1.9768 $305,000 $602,924 $150,000 0.0052633 0.0052633 $3,173.37 $789.50 $3,962.86
2 4.942 $162,000 $800,604 $150,000 0.0052633 0.0052633 $4,213.82 $789.50 $5,003.31
4 9.884 $97,500 $963,690 $150,000 0.0052633 0.0052633 $5,072.19 $789.50 $5,861.68
10 24.71 $73,000 $1,803,830 $150,000 0.0052633 0.0052633 $9,494.10 $789.50 $10,283.59
0
0.8 1.9768 $305,000 $602,924 $250,000 0.0052633 0.0052633 $3,173.37 $1,315.83 $4,489.19
2 4.942 $162,000 $800,604 $250,000 0.0052633 0.0052633 $4,213.82 $1,315.83 $5,529.64
4 9.884 $97,500 $963,690 $250,000 0.0052633 0.0052633 $5,072.19 $1,315.83 $6,388.01
10 24.71 $73,000 $1,803,830 $250,000 0.0052633 0.0052633 $9,494.10 $1,315.83 $10,809.92
0
0.8 1.9768 $305,000 $602,924 $500,000 0.0052633 0.0052633 $3,173.37 $2,631.65 $5,805.02
2 4.942 $162,000 $800,604 $500,000 0.0052633 0.0052633 $4,213.82 $2,631.65 $6,845.47
4 9.884 $97,500 $963,690 $500,000 0.0052633 0.0052633 $5,072.19 $2,631.65 $7,703.84
10 24.71 $73,000 $1,803,830 $500,000 0.0052633 0.0052633 $9,494.10 $2,631.65 $12,125.75
Colliers ,' F,,, ,,O"·
49
Properties Without Farm Class continued
Township of Langley
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $250,000 $494,200 $0 0.00569048 0.00569048 $2,812.24 $0.00 $2,812.24
2 4.942 $105,000 $518,910 $0 0.00569048 0.00569048 $2,952.85 $0.00 $2,952.85
4 9.884 $75,000 $741,300 $0 0.00569048 0.00569048 $4,218.35 $0.00 $4,218.35
10 24.71 $37,500 $926,625 $0 0.00569048 0.00569048 $5,272.94 $0.00 $5,272.94
0.8 1.9768 $250,000 $494,200 $150,000 0.00569048 0.00569048 $2,812.24 $853.57 $3,665.81
2 4.942 $105,000 $518,910 $150,000 0.00569048 0.00569048 $2,952.85 $853.57 $3,806.42
4 9.884 $75,000 $741,300 $150,000 0.00569048 0.00569048 $4,218.35 $853.57 $5,071.92
10 24.71 $37,500 $926,625 $150,000 0.00569048 0.00569048 $5,272.94 $853.57 $6,126.51
0.8 1.9768 $250,000 $494,200 $250,000 0.00569048 0.00569048 $2,812.24 $1,422.62 $4,234.86
2 4.942 $105,000 $518,910 $250,000 0.00569048 0.00569048 $2,952.85 $1,422.62 $4,375.47
4 9.884 $75,000 $741,300 $250,000 0.00569048 0.00569048 $4,218.35 $1,422.62 $5,640.97
10 24.71 $37,500 $926,625 $250,000 0.00569048 0.00569048 $5,272.94 $1,422.62 $6,695.56
0.8 1.9768 $250,000 $494,200 $500,000 0.00569048 0.00569048 $2,812.24 $2,845.24 $5,657.48
2 4.942 $105,000 $518,910 $500,000 0.00569048 0.00569048 $2,952.85 $2,845.24 $5,798.09
4 9.884 $75,000 $741,300 $500,000 0.00569048 0.00569048 $4,218.35 $2,845.24 $7,063.59
10 24.71 $37,500 $926,625 $500,000 0.00569048 0.00569048 $5,272.94 $2,845.24 $8,118.18
Maple Ridge
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $150,000 $296,520 $0 0.0067711 0.0067711 $2,007.77 $0.00 $2,007.77
2 4.942 $125,000 $617,750 $0 0.0067711 0.0067711 $4,182.85 $0.00 $4,182.85
4 9.884 $75,000 $741,300 $0 0.0067711 0.0067711 $5,019.42 $0.00 $5,019.42
10 24.71 $37,500 $926,625 $0 0.0067711 0.0067711 $6,274.27 $0.00 $6,274.27
0.8 1.9768 $150,000 $296,520 $150,000 0.0067711 0.0067711 $2,007.77 $1,015.67 $3,023.43
2 4.942 $125,000 $617,750 $150,000 0.0067711 0.0067711 $4,182.85 $1,015.67 $5,198.51
4 9.884 $75,000 $741,300 $150,000 0.0067711 0.0067711 $5,019.42 $1,015.67 $6,035.08
10 24.71 $37,500 $926,625 $150,000 0.0067711 0.0067711 $6,274.27 $1,015.67 $7,289.94
0.8 1.9768 $150,000 $296,520 $250,000 0.0067711 0.0067711 $2,007.77 $1,692.78 $3,700.54
2 4.942 $125,000 $617,750 $250,000 0.0067711 0.0067711 $4,182.85 $1,692.78 $5,875.62
4 9.884 $75,000 $741,300 $250,000 0.0067711 0.0067711 $5,019.42 $1,692.78 $6,712.19
10 24.71 $37,500 $926,625 $250,000 0.0067711 0.0067711 $6,274.27 $1,692.78 $7,967.05
0.8 1.9768 $150,000 $296,520 $500,000 0.0067711 0.0067711 $2,007.77 $3,385.55 $5,393.32
2 4.942 $125,000 $617,750 $500,000 0.0067711 0.0067711 $4,182.85 $3,385.55 $7,568.40
4 9.884 $75,000 $741,300 $500,000 0.0067711 0.0067711 $5,019.42 $3,385.55 $8,404.97
10 24.71 $37,500 $926,625 $500,000 0.0067711 0.0067711 $6,274.27 $3,385.55 $9,659.82
Pitt Meadows
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $200,000 $395,360 $0 0.006394 0.006394 $2,527.93 $0.00 $2,527.93
2 4.942 $110,000 $543,620 $0 0.006394 0.006394 $3,475.91 $0.00 $3,475.91
4 9.884 $75,000 $741,300 $0 0.006394 0.006394 $4,739.87 $0.00 $4,739.87
10 24.71 $37,500 $926,625 $0 0.006394 0.006394 $5,924.84 $0.00 $5,924.84
0.8 1.9768 $200,000 $395,360 $150,000 0.006394 0.006394 $2,527.93 $959.10 $3,487.03
2 4.942 $110,000 $543,620 $150,000 0.006394 0.006394 $3,475.91 $959.10 $4,435.01
4 9.884 $75,000 $741,300 $150,000 0.006394 0.006394 $4,739.87 $959.10 $5,698.97
10 24.71 $37,500 $926,625 $150,000 0.006394 0.006394 $5,924.84 $959.10 $6,883.94
0.8 1.9768 $200,000 $395,360 $250,000 0.006394 0.006394 $2,527.93 $1,598.50 $4,126.43
2 4.942 $110,000 $543,620 $250,000 0.006394 0.006394 $3,475.91 $1,598.50 $5,074.41
4 9.884 $75,000 $741,300 $250,000 0.006394 0.006394 $4,739.87 $1,598.50 $6,338.37
10 24.71 $37,500 $926,625 $250,000 0.006394 0.006394 $5,924.84 $1,598.50 $7,523.34
0.8 1.9768 $200,000 $395,360 $500,000 0.006394 0.006394 $2,527.93 $3,197.00 $5,724.93
2 4.942 $110,000 $543,620 $500,000 0.006394 0.006394 $3,475.91 $3,197.00 $6,672.91
4 9.884 $75,000 $741,300 $500,000 0.006394 0.006394 $4,739.87 $3,197.00 $7,936.87
10 24.71 $37,500 $926,625 $500,000 0.006394 0.006394 $5,924.84 $3,197.00 $9,121.84
Colliers ,' F,,, ,,O"·
50
Properties Without Farm Class continued
Port Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $388,000 $766,998 $0 0.0060313 0.0060313 $4,626.00 $0.00 $4,626.00
2 4.942 $215,600 $1,065,495 $0 0.0060313 0.0060313 $6,426.32 $0.00 $6,426.32
4 9.884 $124,000 $1,225,616 $0 0.0060313 0.0060313 $7,392.06 $0.00 $7,392.06
10 24.71 $94,400 $2,332,624 $0 0.0060313 0.0060313 $14,068.76 $0.00 $14,068.76
0.8 1.9768 $388,000 $766,998 $150,000 0.0060313 0.0060313 $4,626.00 $904.70 $5,530.69
2 4.942 $215,600 $1,065,495 $150,000 0.0060313 0.0060313 $6,426.32 $904.70 $7,331.02
4 9.884 $124,000 $1,225,616 $150,000 0.0060313 0.0060313 $7,392.06 $904.70 $8,296.75
10 24.71 $94,400 $2,332,624 $150,000 0.0060313 0.0060313 $14,068.76 $904.70 $14,973.45
0.8 1.9768 $388,000 $766,998 $250,000 0.0060313 0.0060313 $4,626.00 $1,507.83 $6,133.82
2 4.942 $215,600 $1,065,495 $250,000 0.0060313 0.0060313 $6,426.32 $1,507.83 $7,934.15
4 9.884 $124,000 $1,225,616 $250,000 0.0060313 0.0060313 $7,392.06 $1,507.83 $8,899.88
10 24.71 $94,400 $2,332,624 $250,000 0.0060313 0.0060313 $14,068.76 $1,507.83 $15,576.58
0.8 1.9768 $388,000 $766,998 $500,000 0.0060313 0.0060313 $4,626.00 $3,015.65 $7,641.65
2 4.942 $215,600 $1,065,495 $500,000 0.0060313 0.0060313 $6,426.32 $3,015.65 $9,441.97
4 9.884 $124,000 $1,225,616 $500,000 0.0060313 0.0060313 $7,392.06 $3,015.65 $10,407.71
10 24.71 $94,400 $2,332,624 $500,000 0.0060313 0.0060313 $14,068.76 $3,015.65 $17,084.41
Richmond
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $500,000 $988,400 $0 0.00416741 0.00416741 $4,119.07 $0.00 $4,119.07
2 4.942 $300,000 $1,482,600 $0 0.00416741 0.00416741 $6,178.60 $0.00 $6,178.60
4 9.884 $240,000 $2,372,160 $0 0.00416741 0.00416741 $9,885.76 $0.00 $9,885.76
10 24.71 $120,000 $2,965,200 $0 0.00416741 0.00416741 $12,357.20 $0.00 $12,357.20
0.8 1.9768 $500,000 $988,400 $150,000 0.00416741 0.00416741 $4,119.07 $625.11 $4,744.18
2 4.942 $300,000 $1,482,600 $150,000 0.00416741 0.00416741 $6,178.60 $625.11 $6,803.71
4 9.884 $240,000 $2,372,160 $150,000 0.00416741 0.00416741 $9,885.76 $625.11 $10,510.87
10 24.71 $120,000 $2,965,200 $150,000 0.00416741 0.00416741 $12,357.20 $625.11 $12,982.32
0.8 1.9768 $500,000 $988,400 $250,000 0.00416741 0.00416741 $4,119.07 $1,041.85 $5,160.92
2 4.942 $300,000 $1,482,600 $250,000 0.00416741 0.00416741 $6,178.60 $1,041.85 $7,220.45
4 9.884 $240,000 $2,372,160 $250,000 0.00416741 0.00416741 $9,885.76 $1,041.85 $10,927.62
10 24.71 $120,000 $2,965,200 $250,000 0.00416741 0.00416741 $12,357.20 $1,041.85 $13,399.06
0.8 1.9768 $500,000 $988,400 $500,000 0.00416741 0.00416741 $4,119.07 $2,083.71 $6,202.77
2 4.942 $300,000 $1,482,600 $500,000 0.00416741 0.00416741 $6,178.60 $2,083.71 $8,262.31
4 9.884 $240,000 $2,372,160 $500,000 0.00416741 0.00416741 $9,885.76 $2,083.71 $11,969.47
10 24.71 $120,000 $2,965,200 $500,000 0.00416741 0.00416741 $12,357.20 $2,083.71 $14,440.91
Surrey
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
Taxes Taxation
0.8 1.9768 $275,000 $543,620 $0 0.00460163 0.00460163 $2,501.54 $0.00 $2,501.54
2 4.942 $180,000 $889,560 $0 0.00460163 0.00460163 $4,093.43 $0.00 $4,093.43
4 9.884 $100,000 $988,400 $0 0.00460163 0.00460163 $4,548.25 $0.00 $4,548.25
10 24.71 $65,000 $1,606,150 $0 0.00460163 0.00460163 $7,390.91 $0.00 $7,390.91
0.8 1.9768 $275,000 $543,620 $150,000 0.00460163 0.00460163 $2,501.54 $690.24 $3,191.78
2 4.942 $180,000 $889,560 $150,000 0.00460163 0.00460163 $4,093.43 $690.24 $4,783.67
4 9.884 $100,000 $988,400 $150,000 0.00460163 0.00460163 $4,548.25 $690.24 $5,238.50
10 24.71 $65,000 $1,606,150 $150,000 0.00460163 0.00460163 $7,390.91 $690.24 $8,081.15
0.8 1.9768 $275,000 $543,620 $250,000 0.00460163 0.00460163 $2,501.54 $1,150.41 $3,651.95
2 4.942 $180,000 $889,560 $250,000 0.00460163 0.00460163 $4,093.43 $1,150.41 $5,243.83
4 9.884 $100,000 $988,400 $250,000 0.00460163 0.00460163 $4,548.25 $1,150.41 $5,698.66
10 24.71 $65,000 $1,606,150 $250,000 0.00460163 0.00460163 $7,390.91 $1,150.41 $8,541.32
0.8 1.9768 $275,000 $543,620 $500,000 0.00460163 0.00460163 $2,501.54 $2,300.82 $4,802.35
2 4.942 $180,000 $889,560 $500,000 0.00460163 0.00460163 $4,093.43 $2,300.82 $6,394.24
4 9.884 $100,000 $988,400 $500,000 0.00460163 0.00460163 $4,548.25 $2,300.82 $6,849.07
10 24.71 $65,000 $1,606,150 $500,000 0.00460163 0.00460163 $7,390.91 $2,300.82 $9,691.72
Colliers ,' F,,, ,,O"·
51
2 acres (0.8 hectares) with farm class
2 Acres (0.8 Hectares)
Municipality $0 Improvement Value $150,000 Improvement Value $250,000 Improvement Value $500,000 Improvement Value
Burnaby $66.19 $739.51 $1,199.67 $2,350.08
Delta $107.52 $938.84 $1,493.05 $2,878.57
Coquitlam $104.65 $894.14 $1,420.47 $2,736.30
Langley Township $69.08 $922.65 $1,491.70 $2,914.32
Maple Ridge $157.16 $1,172.82 $1,849.93 $3,542.71
Pitt Meadows $167.10 $1,126.20 $1,765.60 $3,364.10
Port Coquitlam $134.24 $1,038.93 $1,642.06 $3,149.89
Richmond $80.02 $705.13 $1,121.87 $2,163.72
Surrey $32.22 $722.46 $1,182.62 $2,333.03
Colliers I~TEIINATIO NA. l
$4,000.00
$3,500.00
$3,000.00
$2,500.00 • $0 Improvement Value
$2,000.00 • $150,000 Improvement
$1,500.00 Value
$1,000.00 l-• $250,000 Improvement
$500.00 1--1 ~ Value
$0.00 l,-I L,-' • $500,000 Improvement
A "!Co.'/> ~ .,Q ~ ~<, ~ r:f''O q.~ Value iP ~ .~'1> q' ~'S ~o .~'1> ~ ,$0" ~~<:),y.~~e. '1>&~ '-;
<¢.::> GO~ ",0 i~ ~q; GO ~(.; £oz,4.. ~ <:i.~ 0<--~ .
"
52
5 acres (2.0 hectares) with farm class
5 Acres (2.0 Hectares)
Municipality $0 Improvement Value $150,000 Improvement Value $250,000 Improvement Value $500,000 Improvement Value
Burnaby $165.48 $813.41 $1,273.57 $2,423.98
Delta $268.81 $1,100.12 $1,654.33 $3,039.86
Coquitlam $261.62 $1,051.11 $1,577.44 $2,893.27
Langley Township $172.71 $1,026.28 $1,595.33 $3,017.95
Maple Ridge $392.89 $1,408.56 $2,085.67 $3,778.44
Pitt Meadows $417.76 $1,376.86 $2,016.26 $3,614.76
Port Coquitlam $335.60 $1,240.29 $1,843.42 $3,351.25
Richmond $200.04 $825.15 $1,241.89 $2,283.74
Surrey $80.54 $770.78 $1,230.95 $2,381.35
$4,000.00
$3,500.00
$3,000.00
$2,500.00
$2,000.00
$1,500.00
$ 1,000.00
$500.00
$0.00
• $0 Improvement Value
• $150,000 Improvement Value
• $250,000 Improvement Value
• $500,000 Improvement Value
Colliers I~TEIINATIO NA. l
53
10 acres (4.0 hectares) with farm class
10 Acres (4.0 Hectares)
Municipality $0 Improvement Value $150,000 Improvement Value $250,000 Improvement Value $500,000 Improvement Value
Burnaby $330.96 $936.57 $1,396.74 $2,547.14
Delta $537.62 $1,368.93 $1,923.14 $3,308.67
Coquitlam $523.24 $1,312.73 $1,839.06 $3,154.89
Langley Township $345.41 $1,198.99 $1,768.03 $3,190.65
Maple Ridge $785.78 $1,801.45 $2,478.56 $4,171.33
Pitt Meadows $835.52 $1,794.62 $2,434.02 $4,032.52
Port Coquitlam $671.20 $1,575.89 $2,179.02 $3,686.85
Richmond $400.08 $1,025.19 $1,441.93 $2,483.78
Surrey $161.08 $851.32 $1,311.49 $2,461.89
$4,500.00
$4,000.00
$3,500.00
$3,000.00
$2,500.00
$2,000.00
$1,500.00
$1,000.00
$500.00
$0.00
• $0 Improvement Value
• $150,000 Improvement Value
• $250,000 Improvement Value
• $500,000 Improvement Value
Colliers I~TEIINATIO NA. l
54
25 acres (10.0 hectares) with farm class
25 Acres (10.0 Hectares)
Municipality $0 Improvement Value $150,000 Improvement Value $250,000 Improvement Value $500,000 Improvement Value
Burnaby $827.39 $1,306.07 $1,766.23 $2,916.64
Delta $1,344.04 $2,175.35 $2,729.56 $4,115.09
Coquitlam $1,308.10 $2,097.59 $2,623.92 $3,939.75
Langley Township $863.53 $1,717.10 $2,286.15 $3,708.77
Maple Ridge $1,964.45 $2,980.12 $3,657.23 $5,350.00
Pitt Meadows $2,088.80 $3,047.90 $3,687.30 $5,285.80
Port Coquitlam $1,677.99 $2,582.69 $3,185.82 $4,693.64
Richmond $1,000.20 $1,625.31 $2,042.05 $3,083.90
Surrey $402.70 $1,092.94 $1,553.11 $2,703.51
$6,000.00
$5,000.00
$4,000.00
$3,000.00
$2,000.00
$1,000.00
$0.00
• $0 Improvement Value
• $150,000 Improvement Value
• $250,000 Improvement Value
• $500,000 Improvement Value
Colliers I~TE~N"'TIO N"' l
55
Conclusions
Scenario 3 demonstrates the importance of improvement value in two ways;
1. The interplay between farm and residential millage rates.
2. Proportion of improvement value relative to land value under the calculation of farm property value.
In the relationship between Farm and Residential millage rates, municipalities with the highest taxation rates,
namely Maple Ridge, Pitt Meadows, and Port Coquitlam, have the highest farm class millage rates of all the
municipalities. Traditionally, residential millage rates are amongst the lowest of the nine classes. This is primarily
due to the significant proportion of overall municipal value residential properties represent. Those municipalities
with larger commercial bases, namely Surrey, Burnaby, and Richmond, are able to achieve budgetary
requirements while offering a farm millage rate that is somewhat comparable to the residential rate. The result is
a consistently lower tax burden on farming enterprises (due to the lower assessed value of farm land).
In the City of Surrey, with one of the lowest Farm Class millage rates, a 2 acre (0.8 hectare) property with a
$500,000 improvement value is subject to $2,333.03 in property tax or 72.40 times more in taxes than a 2 acre
(0.8 hectare) parcel with no improvement value which is subject to $32.22 in property taxes.
Conversely, in the City of Pitt Meadows, with the highest Farm Class millage rate, a 2 acre (0.8 hectare) property
with a $500,000 improvement value is subject to $3,364.10 or 20.13 times more in taxes than a 2 acre (0.8
hectare) parcel with no improvement value which is subject to $167.10 in property taxes.
Using land classified as Farm also demonstrates how significant the proportion of improvement value is to the
overall tax burden. Since their locational factors do not influence the value of farm land, nor is there any
consideration for diminishing value due to size, the tax burden of larger farming properties is proportionally
greater than smaller farming properties. The land value component of a 10 acre (4.0 hectare) parcel is exactly
five times greater than that of a 2 acre (0.8 hectare) parcel.
By valuing dwelling improvements on farms as Class 1 Residential properties, based on the Cost Approach to
Value, a significant portion of the incurred property taxes are related to newer improvements. The effect of
improvement values for older properties depreciated at a rate of 98% is negligible.
56
Scenario 4 2013 Improvement Value Revision
The purpose of Scenario 4 is to demonstrate the significant change in the valuation of farm related buildings,
property taxes.
p to $50,000
of assessed value. As intensification of farm uses, and greater need for improvements like greenhouses and
barns for livestock, owners were exposed to a significant increase in their tax burden. In response to this, as of
2013 farm buildings are granted an exemption the greater of $50,000 or 87.5% of the total assessed value of
farm buildings.
For the purposes of this scenario, Colliers International has studied farm building improvement values of
$100,000, $250,000 and $500,000. For all scenarios the property is assumed to have a Farm Class Status, is
within the ALR, and the property is 25 acres (10.0 hectares) in size. This is outlined on the following pages.
57
Exemption up to $50,000 & 87.5%
Burnaby $50,000 Exemption 87.5% Exemption
Land Size
(HectaresValue / Acre Land Value
Farm Millage
Rate
Residential
Millage Rate
Improvement
Value
Value after
exemptionTotal Value Property Taxes
Value after
ExemptionTotal Value Property Taxes
Difference
10 $2,500 $61,775 0.0133936 0.0042806 $100,000 $50,000 $111,775 $1,041.42 $12,500 $74,275 $880.90 $160.52
10 $2,500 $61,775 0.0133936 0.0042806 $250,000 $200,000 $261,775 $1,683.51 $31,250 $93,025 $961.16 $722.35
10 $2,500 $61,775 0.0133936 0.0042806 $500,000 $450,000 $511,775 $2,753.66 $62,500 $124,275 $1,094.93 $1,658.73
Delta $50,000 Exemption 87.5% Exemption
Land Size
(HectaresValue / Acre Land Value Millage Rate
Residential
Millage Rate
Improvement
Value
Value after
exemptionTotal Value Property Taxes
Value after
ExemptionTotal Value Property Taxes
Difference
10 $2,500 $61,775 0.0217569 0.0055421 $100,000 $50,000 $111,775 $1,621.14 $12,500 $74,275 $1,413.31 $207.83
10 $2,500 $61,775 0.0217569 0.0055421 $250,000 $200,000 $261,775 $2,452.45 $31,250 $93,025 $1,517.22 $935.23
10 $2,500 $61,775 0.0217569 0.0055421 $500,000 $450,000 $511,775 $3,837.98 $62,500 $124,275 $1,690.41 $2,147.56
Coquitlam $50,000 Exemption 87.5% Exemption
Land Size
(HectaresValue / Acre Land Value Millage Rate
Residential
Millage Rate
Improvement
Value
Value after
exemptionTotal Value Property Taxes
Value after
ExemptionTotal Value Property Taxes
Difference
10 $2,500 $61,775 0.0211752 0.0052633 $100,000 $50,000 $111,775 $1,571.26 $12,500 $74,275 $1,373.89 $197.37
10 $2,500 $61,775 0.0211752 0.0052633 $250,000 $200,000 $261,775 $2,360.76 $31,250 $93,025 $1,472.58 $888.18
10 $2,500 $61,775 0.0211752 0.0052633 $500,000 $450,000 $511,775 $3,676.58 $62,500 $124,275 $1,637.05 $2,039.53
Langley Township $50,000 Exemption 87.5% Exemption
Land Size
(HectaresValue / Acre Land Value Millage Rate
Residential
Millage Rate
Improvement
Value
Value after
exemptionTotal Value Property Taxes
Value after
ExemptionTotal Value Property Taxes
Difference
10 $2,500 $61,775 0.0139787 0.0056905 $100,000 $50,000 $111,775 $1,148.06 $12,500 $74,275 $934.66 $213.39
10 $2,500 $61,775 0.0139787 0.0056905 $250,000 $200,000 $261,775 $2,001.63 $31,250 $93,025 $1,041.36 $960.27
10 $2,500 $61,775 0.0139787 0.0056905 $500,000 $450,000 $511,775 $3,424.25 $62,500 $124,275 $1,219.19 $2,205.06
Maple Ridge $50,000 Exemption 87.5% Exemption
Land Size
(HectaresValue / Acre Land Value Millage Rate
Residential
Millage Rate
Improvement
Value
Value after
exemptionTotal Value Property Taxes
Value after
ExemptionTotal Value Property Taxes
Difference
10 $2,500 $61,775 0.0318001 0.0067711 $100,000 $50,000 $111,775 $2,303.01 $12,500 $74,275 $2,049.09 $253.92
10 $2,500 $61,775 0.0318001 0.0067711 $250,000 $200,000 $261,775 $3,318.67 $31,250 $93,025 $2,176.05 $1,142.62
10 $2,500 $61,775 0.0318001 0.0067711 $500,000 $450,000 $511,775 $5,011.45 $62,500 $124,275 $2,387.64 $2,623.80
Pitt Meadows $50,000 Exemption 87.5% Exemption
Land Size
(HectaresValue / Acre Land Value Millage Rate
Residential
Millage Rate
Improvement
Value
Value after
exemptionTotal Value Property Taxes
Value after
ExemptionTotal Value Property Taxes
Difference
10 $2,500 $61,775 0.033813 0.006394 $100,000 $50,000 $111,775 $2,408.50 $12,500 $74,275 $2,168.72 $239.78
10 $2,500 $61,775 0.033813 0.006394 $250,000 $200,000 $261,775 $3,367.60 $31,250 $93,025 $2,288.61 $1,078.99
10 $2,500 $61,775 0.033813 0.006394 $500,000 $450,000 $511,775 $4,966.10 $62,500 $124,275 $2,488.42 $2,477.68
Port Coquitlam $50,000 Exemption 87.5% Exemption
Land Size
(HectaresValue / Acre Land Value Millage Rate
Residential
Millage Rate
Improvement
Value
Value after
exemptionTotal Value Property Taxes
Value after
ExemptionTotal Value Property Taxes
Difference
10 $2,500 $61,775 0.0271631 0.0060313 $100,000 $50,000 $111,775 $1,979.57 $12,500 $74,275 $1,753.39 $226.17
10 $2,500 $61,775 0.0271631 0.0060313 $250,000 $200,000 $261,775 $2,884.26 $31,250 $93,025 $1,866.48 $1,017.78
10 $2,500 $61,775 0.0271631 0.0060313 $500,000 $450,000 $511,775 $4,392.09 $62,500 $124,275 $2,054.96 $2,337.13
Richmond $50,000 Exemption 87.5% Exemption
Land Size
(HectaresValue / Acre Land Value Millage Rate
Residential
Millage Rate
Improvement
Value
Value after
exemptionTotal Value Property Taxes
Value after
ExemptionTotal Value Property Taxes
Difference
10 $2,500 $61,775 0.0161905 0.00416741 $100,000 $50,000 $111,775 $1,208.54 $12,500 $74,275 $1,052.26 $156.28
10 $2,500 $61,775 0.0161905 0.00416741 $250,000 $200,000 $261,775 $1,833.65 $31,250 $93,025 $1,130.40 $703.25
10 $2,500 $61,775 0.0161905 0.00416741 $500,000 $450,000 $511,775 $2,875.50 $62,500 $124,275 $1,260.63 $1,614.87
Surrey $50,000 Exemption 87.5% Exemption
Land Size
(HectaresValue / Acre Land Value Millage Rate
Residential
Millage Rate
Improvement
Value
Value after
exemptionTotal Value Property Taxes
Value after
ExemptionTotal Value Property Taxes
Difference
10 $2,500 $61,775 0.0065188 0.00460163 $100,000 $50,000 $111,775 $632.78 $12,500 $74,275 $460.22 $172.56
10 $2,500 $61,775 0.0065188 0.00460163 $250,000 $200,000 $261,775 $1,323.02 $31,250 $93,025 $546.50 $776.53
10 $2,500 $61,775 0.0065188 0.00460163 $500,000 $450,000 $511,775 $2,473.43 $62,500 $124,275 $690.30 $1,783.13
Colliers ,~'''~ ,'' o" ''
58
Improvement Value $100,000
Taxes for $100,000 of Improvement Value
$50,000 87.50%
Burnaby $1,041.42 $880.90
Delta $1,621.14 $1,413.31
Coquitlam $1,571.26 $1,373.89
Langley Township $1,148.06 $934.66
Maple Ridge $2,303.01 $2,049.09
Pitt Meadows $2,408.50 $2,168.72
Port Coquitlam $1,979.57 $1,753.39
Richmond $1,208.54 $1,052.26
Surrey $632.78 $460.22
59
Improvement Value $250,000
Taxes for $250,000 of Improvement Value
$50,000 87.50%
Burnaby $1,683.51 $961.16
Delta $2,452.45 $1,517.22
Coquitlam $2,360.76 $1,472.58
Langley Township $2,001.63 $1,041.36
Maple Ridge $3,318.67 $2,176.05
Pitt Meadows $3,367.60 $2,288.61
Port Coquitlam $2,884.26 $1,866.48
Richmond $1,833.65 $1,130.40
Surrey $1,323.02 $546.50
$4,000.00
$3,500.00
$3,000.00 t---------II$2,500.00
$2,000.00
$1,500.00 +II-$1,000.00
$SOD.OO
$0.00
. $50,000
. 87.50%
60
Improvement Value $500,000
Taxes for $500,000 of Improvement Value
$50,000 87.50%
Burnaby $2,753.66 $1,094.93
Delta $3,837.98 $1,690.41
Coquitlam $3,676.58 $1,637.05
Langley Township $3,424.25 $1,219.19
Maple Ridge $5,011.45 $2,387.64
Pitt Meadows $4,966.10 $2,488.42
Port Coquitlam $4,392.09 $2,054.96
Richmond $2,875.50 $1,260.63
Surrey $2,473.43 $690.30
61
Conclusions
The impact of the new exemption for Class 9 Farm Class buildings is very significant for higher value farming
uses.
The effect of the new exemptions is greatest in higher value improvements because the previous method of
exemption was fixed at $50,000 of assessed value. In Scenario 4 improvements valued at $100,000 received a
50% exemption while improvements valued at $500,000 received only 10%. This diminishing proportion of
exempt assessed value caused a disproportionate tax burden on larger, high cost improvements. The new 87.5%
exemption maintains the same proportion of exemption for high value improvements as low value improvements
which corrects any inequity. This new exemption results in a direct loss of revenue to municipalities due to the
impact on the assessed value. This may also encourage the purchase and use of Class 7 Soils with no capability
for arable culture or permanent pasture for intensive farm use, since improvements such as greenhouses do not
make use of existing topsoil.
62
Scenario 5 Natural Features
Scenario 5
typically forested, wetlands, water courses and riparian areas which are unsuitable for farming purposes in their
current state. In the study of this scenario, 4 potential outcomes were deemed possible.
Within ALR Outside ALR
With Farm
Class
1. That the whole parcel is located
within the Agricultural Land
Reserve, the majority of the land
is used as a farm, and a portion
of the parcel is covered by the
3. That the whole parcel is located outside
of the Agricultural Land Reserve, but the
majority of the land is used as a farm, and
a portion of the parcel is covered by the
Without
Farm Class
2. That the whole parcel is located
within the Agricultural Land
Reserve, none of the land is used
as a farm, and a portion of the
4. That the whole parcel is located outside
of the Agricultural Land Reserve, none of
the land is used as a farm, and a portion
In general practice, if the parcel is owned by a farmer, and the farm earns enough income to account for the
unusable land, the entire parcel is considered farm class and the beneficial method of value is applied.
In regards to the first and third potential scenarios, land that is associated with a farm, which has no present use,
and is not specifically zoned nor held for business, commercial, or industrial purposes must be classified as a
farm. In this respect, using the standardized values per acre of land.
For this scenario, the following assumptions are made:
1. That the only impact on the land is the natural feature, as opposed to topographical issues, and that the
(Cost to cure is a measure used to calculate the
costs involved for curing a physical deterioration and curable functional obsolescence)
2. Improvement value is $150,000 and the land sizes are only 5 acres (2.0 hectares) and 10 acres (4.0
hectares) in size.
63
3. of 2.471 acres (1.0 hectare), containing 500 mature
ncompass a 15% adjustment to value according to
conversations with agents of BC Assessment.
Cost to cure is the term used for properties that are subject to specific detrimental effects. Properties subject to
contamination (ie gas stations or heavy manufacturing) building conditions (ie asbestos) or other adverse
these affects is then deducted from the market value to determine the value of the property.
In regards to land within the Agricultural Land Reserve, but is not used for farming purposes, the value of land
will be similar to that of Scenario 1. However, land impacted by the natural feature will have approximately a 15%
reduction in value , the following charts demonstrate the impact a
natural feature will have on property taxes for properties within the ALR.
64
Residential Properties Without a Natural Feature
Burnaby
Land SizeResidential Land
Value per acre
Adjusted
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $550,000 $550,000 $2,718,100 $150,000 0.004281 0.004281 $11,635.10 $642.09 $12,277.19
4 ha $400,000 $400,000 $3,953,600 $150,000 0.004281 0.004281 $16,923.78 $642.09 $17,565.87
Delta
Land SizeResidential Land
Value per acre
Adjusted
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $230,000 $230,000 $1,136,660 $150,000 0.005542 0.005542 $6,299.37 $831.30 $7,130.67
4 ha $140,000 $140,000 $1,383,760 $150,000 0.005542 0.005542 $7,668.80 $831.30 $8,500.10
Coquitlam
Land SizeResidential Land
Value per acre
Adjusted
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $162,000 $162,000 $800,604 $150,000 0.005263 0.005263 $4,213.58 $789.45 $5,003.03
4 ha $97,500 $97,500 $963,690 $150,000 0.005263 0.005263 $5,071.90 $789.45 $5,861.35
Township of Langley
Land SizeResidential Land
Value per acre
Adjusted
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $105,000 $105,000 $518,910 $150,000 0.005691 0.005691 $2,952.86 $853.58 $3,806.43
4 ha $75,000 $75,000 $741,300 $150,000 0.005691 0.005691 $4,218.37 $853.58 $5,071.94
Maple Ridge
Land SizeResidential Land
Value per acre
Adjusted
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $125,000 $125,000 $617,750 $150,000 0.006771 0.006771 $4,182.79 $1,015.65 $5,198.44
4 ha $75,000 $75,000 $741,300 $150,000 0.006771 0.006771 $5,019.34 $1,015.65 $6,034.99
Pitt Meadows
Land SizeResidential Land
Value per acre
Adjusted
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $125,000 $125,000 $617,750 $150,000 0.006771 0.006771 $4,182.79 $1,015.65 $5,198.44
4 ha $75,000 $75,000 $741,300 $150,000 0.006771 0.006771 $5,019.34 $1,015.65 $6,034.99
Port Coquitlam
Land SizeResidential Land
Value per acre
Adjusted
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $215,600 $215,600 $1,065,495 $150,000 0.006031 0.006031 $6,426.32 $904.70 $7,331.02
4 ha $124,000 $124,000 $1,225,616 $150,000 0.006031 0.006031 $7,392.06 $904.70 $8,296.75
Richmond
Land SizeResidential Land
Value per acre
Adjusted
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $300,000 $300,000 $1,482,600 $150,000 0.004167 0.004167 $6,178.60 $625.11 $6,803.71
4 ha $240,000 $240,000 $2,372,160 $150,000 0.004167 0.004167 $9,885.76 $625.11 $10,510.87
Surrey
Land SizeResidential Land
Value per acre
Adjusted
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $180,000 $180,000 $889,560 $150,000 0.004602 0.004602 $4,093.43 $690.24 $4,783.67
4 ha $100,000 $100,000 $988,400 $150,000 0.004602 0.004602 $4,548.25 $690.24 $5,238.50
65
Residential Properties With a Natural Feature Burnaby
Land SizeResidential Land
Value per acre
Adjusted 85%
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $550,000 $467,500 2,514,243$ 150,000$ 0.004281 0.004281 $10,762.47 $642.09 $11,404.56
4 ha $400,000 $340,000 3,805,340$ 150,000$ 0.004281 0.004281 $16,289.14 $642.09 $16,931.23
Delta
Land SizeResidential Land
Value per acre
Adjusted 85%
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $230,000 $195,500 1,051,411$ 150,000$ 0.005542 0.005542 $5,826.92 $831.30 $6,658.22
4 ha $140,000 $119,000 1,331,869$ 150,000$ 0.005542 0.005542 $7,381.22 $831.30 $8,212.52
Coquitlam
Land SizeResidential Land
Value per acre
Adjusted 85%
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $162,000 $137,700 740,559$ 150,000$ 0.005263 0.005263 $3,897.56 $789.45 $4,687.01
4 ha $97,500 $82,875 927,552$ 150,000$ 0.005263 0.005263 $4,881.70 $789.45 $5,671.15
Township of Langley
Land SizeResidential Land
Value per acre
Adjusted 85%
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $105,000 $89,250 479,992$ 150,000$ 0.005691 0.005691 $2,731.39 $853.58 $3,584.97
4 ha $75,000 $63,750 713,501$ 150,000$ 0.005691 0.005691 $4,060.18 $853.58 $4,913.75
Maple Ridge
Land SizeResidential Land
Value per acre
Adjusted 85%
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $125,000 $106,250 $571,419 $150,000 0.006771 0.006771 $3,869.08 $1,015.65 $4,884.73
4 ha $75,000 $63,750 $713,501 $150,000 0.006771 0.006771 $4,831.12 $1,015.65 $5,846.77
Pitt Meadows
Land SizeResidential Land
Value per acre
Adjusted 85%
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $110,000 $93,500 $502,849 $150,000 0.006394 0.006394 $3,215.21 $959.10 $4,174.31
4 ha $75,000 $63,750 $713,501 $150,000 0.006394 0.006394 $4,562.13 $959.10 $5,521.23
Port Coquitlam
Land SizeResidential Land
Value per acre
Adjusted 85%
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $215,600 $183,260 $985,583 $150,000 0.006031 0.006031 $5,944.35 $904.70 $6,849.04
4 ha $124,000 $105,400 $1,179,655 $150,000 0.006031 0.006031 $7,114.86 $904.70 $8,019.55
Richmond
Land SizeResidential Land
Value per acre
Adjusted 85%
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $300,000 $255,000 $1,371,405 $150,000 0.004167 0.004167 $5,715.21 $625.11 $6,340.32
4 ha $240,000 $204,000 $2,283,204 $150,000 0.004167 0.004167 $9,515.05 $625.11 $10,140.16
Surrey
Land SizeResidential Land
Value per acre
Adjusted 85%
Residential Land
value per acre
Total Land ValueImprovement
Value
Residential Land
Millage Rate
Improvement
Millage Rate
Residential
Land Tax
Improvement
TaxTotal Taxes
2 ha $180,000 $153,000 $822,843 $150,000 0.004602 0.004602 $3,786.42 $690.24 $4,476.66
4 ha $100,000 $85,000 $951,335 $150,000 0.004602 0.004602 $4,377.69 $690.24 $5,067.94
66
5 Acres (2.0 Hectares)
With Natural Feature Without Natural Feature
Burnaby $11,404.56 $12,277.19
Delta $6,658.22 $7,130.67
Coquitlam $4,687.01 $5,003.03
Langley Township $3,584.97 $3,806.43
Maple Ridge $4,884.73 $5,198.44
Pitt Meadows $4,174.31 $5,198.44
Port Coquitlam $6,849.04 $7,331.02
Richmond $6,340.32 $6,803.71
Surrey $4,476.66 $4,783.67
$14,000.00
$ 12,000.00
$10,000.00
$8,000.00
$6,000.00
$4,000.00
$2,000.00
$0.00
. 5 Acres (2.0 Hectares) With Natural Feature
. 5 Acres (2.0 Hectares) Without Natural Feature
Colliers I+.I TE II NATIO N A. l
67
10 Acres (4.0 Hectares)
With Natural Feature Without Natural Feature
Burnaby $16,931.23 $17,565.87
Delta $8,212.52 $8,500.10
Coquitlam $5,671.15 $5,861.35
Langley Township $4,913.75 $5,071.94
Maple Ridge $5,846.77 $6,034.99
Pitt Meadows $5,521.23 $6,034.99
Port Coquitlam $8,019.55 $8,296.75
Richmond $10,140.16 $10,510.87
Surrey $5,067.94 $5,238.50
68
Conclusions
The difference in the calculated tax is purely based on the difference in value between the unaffected land value
and affected land value. The value difference between 5 acre (2.0 hectare) and 10 acre (4.0 hectare) parcels is
the combination of the adjustment between the affected and unaffected land value, as well as the adjustment for
size on a per acre basis.
Should the parcel be located outside of the Agricultural Land Reserve, and not be used as a farm property, the
Similar to the scenario within the Agricultural Land Reserve, the primary effect on property tax will be the
15% difference between the impacted area and the un-impacted area. Unfortunately, due to the large variety of
residential land values outside the Agricultural Land Reserve, a general tax implication is difficult to predict.
69
Scenario 6 Split Classification
Scenario 6 is designed to demonstrate the taxable value of a prevalent trend of properties dividing uses between
a residential use and farming use. Certain farm properties owned by non-farmers lease portions of their land to
famers while residing in the residential home. As these residential homes do not qualify for farm class they are
typically assessed using residential values and Class 1 millage rates and the farmed land is assessed using farm
values and Class 9 millage rates.
The following assumptions are made by Colliers International:
1. The parcel is located in an area which permits farm uses.
2.
the millage rates
3. Improvement value of the residence is assumed to be $150,000.
70
Split Classification
Burnaby
Land Size
Farm Land
Value per acre
Total Farm
Land Value
Residential
Land Value per
acre
Total Residential
Land Value
Residential
Improvement
Value
Total
Residential
value
Total Assessed
Value
Farm Mill
Rate
Residential Mill
Rate Farm Tax Residential Tax Total Taxes
2 ha $2,500 $12,355 $825,000 $2,038,575 $150,000 $2,188,575 $2,200,930 0.013394 0.004281 $165.48 $9,368.41 $9,533.89
4 ha $2,500 $24,710 $550,000 $2,718,100 $150,000 $2,868,100 $2,892,810 0.013394 0.004281 $330.96 $12,277.19 $12,608.14
10 ha $2,500 $61,775 $400,000 $4,942,000 $150,000 $5,092,000 $5,153,775 0.013394 0.004281 $827.39 $21,796.82 $22,624.20
Delta
Land Size
Farm Land
Value per acre
Total Farm
Land Value
Residential
Land Value per
acre
Total Residential
Land Value
Residential
Improvement
Value
Total
Residential
value
Total Assessed
Value
Farm Mill
Rate
Residential Mill
Rate Farm Tax Residential Tax Total Taxes
2 ha $2,500 $12,355 $400,000 $988,400 $150,000 $1,138,400 $1,150,755 0.013394 0.004281 $165.48 $4,873.04 $5,038.51
4 ha $2,500 $24,710 $230,000 $1,136,660 $150,000 $1,286,660 $1,311,370 0.013394 0.004281 $330.96 $5,507.68 $5,838.63
10 ha $2,500 $61,775 $140,000 $1,729,700 $150,000 $1,879,700 $1,941,475 0.013394 0.004281 $827.39 $8,046.24 $8,873.63
Coquitlam
Land Size
Farm Land
Value per acre
Total Farm
Land Value
Residential
Land Value per
acre
Total Residential
Land Value
Residential
Improvement
Value
Total
Residential
value
Total Assessed
Value
Farm Mill
Rate
Residential Mill
Rate Farm Tax Residential Tax Total Taxes
2 ha $2,500 $12,355 $320,000 $790,720 $150,000 $940,720 $953,075 0.013394 0.004281 $165.48 $4,026.85 $4,192.32
4 ha $2,500 $24,710 $190,000 $938,980 $150,000 $1,088,980 $1,113,690 0.013394 0.004281 $330.96 $4,661.49 $4,992.44
10 ha $2,500 $61,775 $100,000 $1,235,500 $150,000 $1,385,500 $1,447,275 0.013394 0.004281 $827.39 $5,930.77 $6,758.16
Township of Langley
Land Size
Farm Land
Value per acre
Total Farm
Land Value
Residential
Land Value per
acre
Total Residential
Land Value
Residential
Improvement
Value
Total
Residential
value
Total Assessed
Value
Farm Mill
Rate
Residential Mill
Rate Farm Tax Residential Tax Total Taxes
2 ha $2,500 $12,355 $250,000 $617,750 $150,000 $767,750 $780,105 0.013394 0.004281 $165.48 $3,286.43 $3,451.91
4 ha $2,500 $24,710 $105,000 $518,910 $150,000 $668,910 $693,620 0.013394 0.004281 $330.96 $2,863.34 $3,194.29
10 ha $2,500 $61,775 $75,000 $926,625 $150,000 $1,076,625 $1,138,400 0.013394 0.004281 $827.39 $4,608.60 $5,435.99
Maple Ridge
Land Size
Farm Land
Value per acre
Total Farm
Land Value
Residential
Land Value per
acre
Total Residential
Land Value
Residential
Improvement
Value
Total
Residential
value
Total Assessed
Value
Farm Mill
Rate
Residential Mill
Rate Farm Tax Residential Tax Total Taxes
2 ha $2,500 $12,355 $150,000 $370,650 $150,000 $520,650 $533,005 0.013394 0.004281 $165.48 $2,228.69 $2,394.17
4 ha $2,500 $24,710 $125,000 $617,750 $150,000 $767,750 $792,460 0.013394 0.004281 $330.96 $3,286.43 $3,617.39
10 ha $2,500 $61,775 $75,000 $926,625 $150,000 $1,076,625 $1,138,400 0.013394 0.004281 $827.39 $4,608.60 $5,435.99
Pitt Meadows
Land Size
Farm Land
Value per acre
Total Farm
Land Value
Residential
Land Value per
acre
Total Residential
Land Value
Residential
Improvement
Value
Total
Residential
value
Total Assessed
Value
Farm Mill
Rate
Residential Mill
Rate Farm Tax Residential Tax Total Taxes
2 ha $2,500 $12,355 $200,000 $494,200 $150,000 $644,200 $656,555 0.013394 0.004281 $165.48 $2,757.56 $2,923.04
4 ha $2,500 $24,710 $110,000 $543,620 $150,000 $693,620 $718,330 0.013394 0.004281 $330.96 $2,969.11 $3,300.07
10 ha $2,500 $61,775 $75,000 $926,625 $150,000 $1,076,625 $1,138,400 0.013394 0.004281 $827.39 $4,608.60 $5,435.99
Port Coquitlam
Land Size
Farm Land
Value per acre
Total Farm
Land Value
Residential
Land Value per
acre
Total Residential
Land Value
Residential
Improvement
Value
Total
Residential
value
Total Assessed
Value
Farm Mill
Rate
Residential Mill
Rate Farm Tax Residential Tax Total Taxes
2 ha $2,500 $12,355 $350,000 $864,850 $150,000 $1,014,850 $1,027,205 0.013394 0.004281 $165.48 $4,344.17 $4,509.64
4 ha $2,500 $24,710 $185,000 $914,270 $150,000 $1,064,270 $1,088,980 0.013394 0.004281 $330.96 $4,555.71 $4,886.67
10 ha $2,500 $61,775 $112,000 $1,383,760 $150,000 $1,533,760 $1,595,535 0.013394 0.004281 $827.39 $6,565.41 $7,392.80
Richmond
Land Size
Farm Land
Value per acre
Total Farm
Land Value
Residential
Land Value per
acre
Total Residential
Land Value
Residential
Improvement
Value
Total
Residential
value
Total Assessed
Value
Farm Mill
Rate
Residential Mill
Rate Farm Tax Residential Tax Total Taxes
2 ha $2,500 $12,355 $500,000 $1,235,500 $150,000 $1,385,500 $1,397,855 0.013394 0.004281 $165.48 $5,930.77 $6,096.25
4 ha $2,500 $24,710 $300,000 $1,482,600 $150,000 $1,632,600 $1,657,310 0.013394 0.004281 $330.96 $6,988.51 $7,319.46
10 ha $2,500 $61,775 $240,000 $2,965,200 $150,000 $3,115,200 $3,176,975 0.013394 0.004281 $827.39 $13,334.93 $14,162.31
Surrey
Land Size
Farm Land
Value per acre
Total Farm
Land Value
Residential
Land Value per
acre
Total Residential
Land Value
Residential
Improvement
Value
Total
Residential
value
Total Assessed
Value
Farm Mill
Rate
Residential Mill
Rate Farm Tax Residential Tax Total Taxes
2 ha $2,500 $12,355 $275,000 $679,525 $150,000 $829,525 $841,880 0.013394 0.004281 $165.48 $3,550.86 $3,716.34
4 ha $2,500 $24,710 $180,000 $889,560 $150,000 $1,039,560 $1,064,270 0.013394 0.004281 $330.96 $4,449.94 $4,780.90
10 ha $2,500 $61,775 $100,000 $1,235,500 $150,000 $1,385,500 $1,447,275 0.013394 0.004281 $827.39 $5,930.77 $6,758.16
~
~
71
5 acres
Split Class - 5 Acres (2.0 Hectares)
Burnaby $9,533.89
Delta $5,038.51
Coquitlam $4,192.32
Langley Township $3,451.91
Maple Ridge $2,394.17
Pitt Meadows $2,923.04
Port Coquitlam $4,509.64
Richmond $6,096.25
Surrey $3,716.34
72
10 acres
Split Class - 10 Acres (4.0 Hectares)
Burnaby $12,608.14
Delta $5,838.63
Coquitlam $4,992.44
Langley Township $3,194.29
Maple Ridge $3,617.39
Pitt Meadows $3,300.07
Port Coquitlam $4,886.67
Richmond $7,319.46
Surrey $4,780.90
Taxes Payable $15,000.00 ~------------
$10,000.00
$5,000.00
$0.00
73
25 acres
Split Class - 25 Acres (10.0 Hectares)
Burnaby $22,624.20
Delta $8,873.63
Coquitlam $6,758.16
Langley Township $5,435.99
Maple Ridge $5,435.99
Pitt Meadows $5,435.99
Port Coquitlam $7,392.80
Richmond $14,162.31
Surrey $6,758.16
74
Conclusions
Due to the significant increase in land value for residential parcels, those parcels which have a residential
component increases the property tax in all municipalities analyzed. This relationship also can be seen as highly
beneficial to residential land owners who lease a portion of their parcel in order to achieve farm class status.
By way of example, below are the charts showing total taxation used for 10 acre (4 hectare) properties located
within the ALR but without Farm Class and the 10 acre (4 hectare) properties which utilize split classification.
Non-Split Class - 10 Acres (4.0 Hectares)
Burnaby $17,565.87
Delta $8,500.25
Coquitlam $5,861.68
Langley Township $5,071.92
Maple Ridge $6,035.08
Pitt Meadows $5,698.97
Port Coquitlam $8,296.75
Richmond $10,510.87
Surrey $5,238.50
Split Class - 10 Acres (4.0 Hectares)
Burnaby $12,608.14
Delta $5,838.63
Coquitlam $4,992.44
Langley Township $3,194.29
Maple Ridge $3,617.39
Pitt Meadows $3,300.07
Port Coquitlam $4,886.67
Richmond $7,319.46
Surrey $4,780.90
75
Scenario 7 Leased Land
Scenario 7 is designed to demonstrate the effect of land which is leased for farming purposes from a residential
land owner. Scenario 7 highlights the significant tax implications of farm uses on land.
In the classification of land BC Assessments primary consideration is actual use. Therefore, if a parcel is used as
a farm, despite zoning or official community plan bylaws, it must be valued as a farm. However, it is worth noting
that the minimum required production for the farmed area is not related to ownership. If the farmer produces
above the quota for farm classification on their own parcel by actively farming it, but simply leases a parcel of
land from a residential owner and pursue reasonable but not intensive farming endeavors, the result as it relates
to property taxes is the same the entire farm receives farm class status.
The threshold for a 20 acre farm with Class 1 soils would be calculated as such:
$2,500 + 5% of land value
$2,500 + ($4,350 X 20 acre X 5%)
$2,500 + $4,350
$6,850
If the farmer were to lease an additional 5 acres from a neighboring property the calculation for the minimum
quota would be calculated as such:
$2,500 + 5% of land value
$2,500 + ($4,350 X 25 acre X 5%)
$2,500 + $5,437.50
$7,937.50
Therefore, for an additional $1,087.50 of agricultural production, 5 acres of residential land can be classified as
Class 9 Farm Class and receive the beneficial rate.
The following assumptions are made by Colliers International:
1. The parcel is located in an area which permits both residential and farm uses within the ALR.
2.
the millage rates.
3. Improvement value of the residence is assumed to be $150,000.
76
Properties with Lease Creating a Farm Classification
Burnaby
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.0133936 0.0042806 $66.19 $642.09 $708.28
2 4.942 $2,500 $12,355 $150,000 0.0133936 0.0042806 $165.48 $642.09 $807.57
4 9.884 $2,500 $24,710 $150,000 0.0133936 0.0042806 $330.96 $642.09 $973.05
10 24.71 $2,500 $61,775 $150,000 0.0133936 0.0042806 $827.39 $642.09 $1,469.48
Delta
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.021757 0.0055421 $107.52 $831.32 $938.84
2 4.942 $2,500 $12,355 $150,000 0.021757 0.0055421 $268.81 $831.32 $1,100.12
4 9.884 $2,500 $24,710 $150,000 0.021757 0.0055421 $537.62 $831.32 $1,368.93
10 24.71 $2,500 $61,775 $150,000 0.021757 0.0055421 $1,344.04 $831.32 $2,175.35
Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.0211752 0.0052633 $104.65 $789.50 $894.14
2 4.942 $2,500 $12,355 $150,000 0.0211752 0.0052633 $261.62 $789.50 $1,051.11
4 9.884 $2,500 $24,710 $150,000 0.0211752 0.0052633 $523.24 $789.50 $1,312.73
10 24.71 $2,500 $61,775 $150,000 0.0211752 0.0052633 $1,308.10 $789.50 $2,097.59
Township of Langley
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.0139787 0.0056905 $69.08 $853.57 $922.65
2 4.942 $2,500 $12,355 $150,000 0.0139787 0.0056905 $172.71 $853.57 $1,026.28
4 9.884 $2,500 $24,710 $150,000 0.0139787 0.0056905 $345.41 $853.57 $1,198.99
10 24.71 $2,500 $61,775 $150,000 0.0139787 0.0056905 $863.53 $853.57 $1,717.10
Maple Ridge
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.0318001 0.0067711 $157.16 $1,015.67 $1,172.82
2 4.942 $2,500 $12,355 $150,000 0.0318001 0.0067711 $392.89 $1,015.67 $1,408.56
4 9.884 $2,500 $24,710 $150,000 0.0318001 0.0067711 $785.78 $1,015.67 $1,801.45
10 24.71 $2,500 $61,775 $150,000 0.0318001 0.0067711 $1,964.45 $1,015.67 $2,980.12
Pitt Meadows
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.033813 0.006394 $167.10 $959.10 $1,126.20
2 4.942 $2,500 $12,355 $150,000 0.033813 0.006394 $417.76 $959.10 $1,376.86
4 9.884 $2,500 $24,710 $150,000 0.033813 0.006394 $835.52 $959.10 $1,794.62
10 24.71 $2,500 $61,775 $150,000 0.033813 0.006394 $2,088.80 $959.10 $3,047.90
Port Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.027163 0.0060313 $134.24 $904.70 $1,038.93
2 4.942 $2,500 $12,355 $150,000 0.027163 0.0060313 $335.60 $904.70 $1,240.29
4 9.884 $2,500 $24,710 $150,000 0.027163 0.0060313 $671.20 $904.70 $1,575.89
10 24.71 $2,500 $61,775 $150,000 0.027163 0.0060313 $1,677.99 $904.70 $2,582.69
Richmond
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.016191 0.00416741 $80.02 $625.11 $705.13
2 4.942 $2,500 $12,355 $150,000 0.016191 0.00416741 $200.04 $625.11 $825.15
4 9.884 $2,500 $24,710 $150,000 0.016191 0.00416741 $400.08 $625.11 $1,025.19
10 24.71 $2,500 $61,775 $150,000 0.016191 0.00416741 $1,000.20 $625.11 $1,625.31
Surrey
Property Size
(hectares)
Property Size
(Acres)
Land Value
per acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $2,500 $4,942 $150,000 0.0065188 0.00460163 $32.22 $690.24 $722.46
2 4.942 $2,500 $12,355 $150,000 0.0065188 0.00460163 $80.54 $690.24 $770.78
4 9.884 $2,500 $24,710 $150,000 0.0065188 0.00460163 $161.08 $690.24 $851.32
10 24.71 $2,500 $61,775 $150,000 0.0065188 0.00460163 $402.70 $690.24 $1,092.94
Colliers , ... ,.", ON '
77
Properties Without a Lease, Residential Classification
Burnaby
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $825,000 $1,630,860 $150,000 0.0042806 0.0042806 $6,981.06 $642.09 $7,623.15
2 4.942 $550,000 $2,718,100 $150,000 0.0042806 0.0042806 $11,635.10 $642.09 $12,277.19
4 9.884 $400,000 $3,953,600 $150,000 0.0042806 0.0042806 $16,923.78 $642.09 $17,565.87
10 24.71 $210,000 $5,189,100 $150,000 0.0042806 0.0042806 $22,212.46 $642.09 $22,854.55
Delta
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $400,000 $790,720 $150,000 0.0055421 0.0055421 $4,382.25 $831.32 $5,213.56
2 4.942 $230,000 $1,136,660 $150,000 0.0055421 0.0055421 $6,299.48 $831.32 $7,130.80
4 9.884 $140,000 $1,383,760 $150,000 0.0055421 0.0055421 $7,668.94 $831.32 $8,500.25
10 24.71 $70,000 $1,729,700 $150,000 0.0055421 0.0055421 $9,586.17 $831.32 $10,417.49
Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $305,000 $602,924 $150,000 0.0052633 0.0052633 $3,173.37 $789.50 $3,962.86
2 4.942 $162,000 $800,604 $150,000 0.0052633 0.0052633 $4,213.82 $789.50 $5,003.31
4 9.884 $97,500 $963,690 $150,000 0.0052633 0.0052633 $5,072.19 $789.50 $5,861.68
10 24.71 $73,000 $1,803,830 $150,000 0.0052633 0.0052633 $9,494.10 $789.50 $10,283.59
Township of Langley
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $250,000 $494,200 $150,000 0.00569048 0.00569048 $2,812.24 $853.57 $3,665.81
2 4.942 $105,000 $518,910 $150,000 0.00569048 0.00569048 $2,952.85 $853.57 $3,806.42
4 9.884 $75,000 $741,300 $150,000 0.00569048 0.00569048 $4,218.35 $853.57 $5,071.92
10 24.71 $37,500 $926,625 $150,000 0.00569048 0.00569048 $5,272.94 $853.57 $6,126.51
Maple Ridge
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $150,000 $296,520 $150,000 0.0067711 0.0067711 $2,007.77 $1,015.67 $3,023.43
2 4.942 $125,000 $617,750 $150,000 0.0067711 0.0067711 $4,182.85 $1,015.67 $5,198.51
4 9.884 $75,000 $741,300 $150,000 0.0067711 0.0067711 $5,019.42 $1,015.67 $6,035.08
10 24.71 $37,500 $926,625 $150,000 0.0067711 0.0067711 $6,274.27 $1,015.67 $7,289.94
Pitt Meadows
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $200,000 $395,360 $150,000 0.006394 0.006394 $2,527.93 $959.10 $3,487.03
2 4.942 $110,000 $543,620 $150,000 0.006394 0.006394 $3,475.91 $959.10 $4,435.01
4 9.884 $75,000 $741,300 $150,000 0.006394 0.006394 $4,739.87 $959.10 $5,698.97
10 24.71 $37,500 $926,625 $150,000 0.006394 0.006394 $5,924.84 $959.10 $6,883.94
Port Coquitlam
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $388,000 $766,998 $150,000 0.0060313 0.0060313 $4,626.00 $904.70 $5,530.69
2 4.942 $215,600 $1,065,495 $150,000 0.0060313 0.0060313 $6,426.32 $904.70 $7,331.02
4 9.884 $124,000 $1,225,616 $150,000 0.0060313 0.0060313 $7,392.06 $904.70 $8,296.75
10 24.71 $94,400 $2,332,624 $150,000 0.0060313 0.0060313 $14,068.76 $904.70 $14,973.45
Richmond
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $500,000 $988,400 $150,000 0.00416741 0.00416741 $4,119.07 $625.11 $4,744.18
2 4.942 $300,000 $1,482,600 $150,000 0.00416741 0.00416741 $6,178.60 $625.11 $6,803.71
4 9.884 $240,000 $2,372,160 $150,000 0.00416741 0.00416741 $9,885.76 $625.11 $10,510.87
10 24.71 $120,000 $2,965,200 $150,000 0.00416741 0.00416741 $12,357.20 $625.11 $12,982.32
Surrey
Property Size
(hectares)
Property Size
(Acres)
Land Value per
acre
Total Land
Value
Improvement
Value
Land Millage
Rate
Improvement
Millage Rate
Farm Land
Taxes
Improvement
TaxesTaxation
0.8 1.9768 $275,000 $543,620 $150,000 0.00460163 0.00460163 $2,501.54 $690.24 $3,191.78
2 4.942 $180,000 $889,560 $150,000 0.00460163 0.00460163 $4,093.43 $690.24 $4,783.67
4 9.884 $100,000 $988,400 $150,000 0.00460163 0.00460163 $4,548.25 $690.24 $5,238.50
10 24.71 $65,000 $1,606,150 $150,000 0.00460163 0.00460163 $7,390.91 $690.24 $8,081.15
Colliers , ... ,.", ON '
78
Comparison with and without farm class
Comparison of with and without farm class 0.8 ha
Municipality Farm Class Without Farm Class
Burnaby $708.28 $7,623.15
Delta $938.84 $5,213.56
Coquitlam $894.14 $3,962.86
Langley Township $922.65 $3,665.81
Maple Ridge $1,172.82 $3,023.43
Pitt Meadows $1,126.20 $3,487.03
Port Coquitlam $1,038.94 $5,530.69
Richmond $705.12 $4,744.18
Surrey $722.46 $3,191.78
Comparison of with and without farm class 2.0 ha
Municipality Farm Class Without Farm Class
Burnaby $807.57 $12,277.19
Delta $1,100.12 $7,130.80
Coquitlam $1,051.11 $5,003.31
Langley Township $1,026.28 $3,806.42
Maple Ridge $1,408.56 $5,198.51
Pitt Meadows $1,376.86 $4,435.01
Port Coquitlam $1,240.30 $7,331.02
Richmond $825.15 $6,803.71
Surrey $770.78 $4,783.67
Comparison of with and without farm class 4.0 ha
Municipality Farm Class Without Farm Class
Burnaby $973.05 $17,565.87
Delta $1,368.93 $8,500.25
Coquitlam $1,312.73 $5,861.68
Langley Township $1,198.99 $5,071.92
Maple Ridge $1,801.45 $6,035.08
Pitt Meadows $1,794.62 $5,698.97
Port Coquitlam $1,575.90 $8,296.75
Richmond $1,025.18 $10,510.87
Surrey $851.32 $5,238.50
Comparison of with and without farm class 10.0 ha
Municipality Farm Class Without Farm Class
Burnaby $1,469.48 $22,854.55
Delta $2,175.35 $10,417.49
Coquitlam $2,097.59 $10,283.59
Langley Township $1,717.10 $6,126.51
Maple Ridge $2,980.12 $7,289.94
Pitt Meadows $3,047.90 $6,883.94
Port Coquitlam $2,582.70 $14,973.45
Richmond $1,625.28 $12,982.32
Surrey $1,092.94 $8,081.15
Colliers , ... ,.", ON '
79
Conclusions
The current criteria to determine farm class status, as it relates to overall production and area leased by a
farmer, may not be encouraging intensive farming of leased parcels by farmers. The additional production
requirement is not equitable with the difference in property taxes between Class 1 Residential and Class 9
Farm properties. As an example, the $1,087.50 additional income required for 5 acres of farmed property would
result in $6,030.68 of property tax savings in the Corporation of Delta. In becomes financially feasible for parcel
owners to lease their property to farmers without cost in order to achieve savings on property tax.
80
Scenario 8 Property Classification
Scenario 8 is designed to show the potential taxable value for various classifications within the Metro Vancouver
region. The primary influences on the taxation
classification. The following assumptions are made by Colliers International:
1. Residential parcels are assumed subdivided and no size adjustment is made
2. Major Industry, Light Industry, Commercial, and recreational land uses all have a similar value within the
same municipality
3. Size adjustment for industrial and commercial land uses, 10 acres (4.0 hectares) and 25 acres (10.0
hectares) in size, are assumed to be 10% and 20% respectively due to the principals of diminishing
marginal returns as explained earlier in this report.
The results are on the following pages.
81
Property Classification by size and municipality
Burnaby 2 Acres (0.8 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $5,227,200 $10,454,400 4.2806 $44,751.10
Class 4 Major Industrial $1,400,000 $2,800,000 50.4098 $141,147.44
Class 5 Light Industrial $1,400,000 $2,800,000 15.9794 $44,742.32
Class 6 Business / Other $1,400,000 $2,800,000 17.477 $48,935.60
Class 8 Recreations $1,400,000 $2,800,000 5.3109 $14,870.52
Class 9 Farm $2,500 $5,000 13.3936 $66.97
Burnaby 5 Acres ( 2.0 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $5,227,200 $26,136,000 4.2806 $111,877.76
Class 4 Major Industrial $1,400,000 $7,000,000 50.4098 $352,868.60
Class 5 Light Industrial $1,400,000 $7,000,000 15.9794 $111,855.80
Class 6 Business / Other $1,400,000 $7,000,000 17.477 $122,339.00
Class 8 Recreations $1,400,000 $7,000,000 5.3109 $37,176.30
Class 9 Farm $2,500 $12,500 13.3936 $167.42
Burnaby 10 Acres (4.0 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $5,227,200 $52,272,000 4.2806 $223,755.52
Class 4 Major Industrial $1,260,000 $12,600,000 50.4098 $635,163.48
Class 5 Light Industrial $1,260,000 $12,600,000 15.9794 $201,340.44
Class 6 Business / Other $1,260,000 $12,600,000 17.477 $220,210.20
Class 8 Recreations $1,260,000 $12,600,000 5.3109 $66,917.34
Class 9 Farm $2,500 $25,000 13.3936 $334.84
Delta 2 Acres (0.8 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $2,613,600 $5,227,200 5.5421 $28,969.67
Class 4 Major Industrial $1,000,000 $2,000,000 39.7099 $79,419.80
Class 5 Light Industrial $1,000,000 $2,000,000 17.2965 $34,593.00
Class 6 Business / Other $1,000,000 $2,000,000 18.7924 $37,584.80
Class 8 Recreations $1,000,000 $2,000,000 11.1394 $22,278.80
Class 9 Farm $2,500 $5,000 21.7569 $108.78
Delta 5 Acres (2.0 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $2,613,600 $13,068,000 5.5421 $72,424.16
Class 4 Major Industrial $1,000,000 $5,000,000 39.7099 $198,549.50
Class 5 Light Industrial $1,000,000 $5,000,000 17.2965 $86,482.50
Class 6 Business / Other $1,000,000 $5,000,000 18.7924 $93,962.00
Class 8 Recreations $1,000,000 $5,000,000 11.1394 $55,697.00
Class 9 Farm $2,500 $12,500 21.7569 $271.96
Delta 10 Acres (4.0 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $2,613,600 $26,136,000 5.5421 $144,848.33
Class 4 Major Industrial $900,000 $9,000,000 39.7099 $357,389.10
Class 5 Light Industrial $900,000 $9,000,000 17.2965 $155,668.50
Class 6 Business / Other $900,000 $9,000,000 18.7924 $169,131.60
Class 8 Recreations $900,000 $9,000,000 11.1394 $100,254.60
Class 9 Farm $2,500 $25,000 21.7569 $543.92
Colliers , ... ,.", ON '
82
Property Classification by size and municipality continued
Coquitlam 2 Acres (0.8 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $3,179,880 $6,359,760 5.2633 $33,473.32
Class 4 Major Industrial $1,400,000 $2,800,000 34.6564 $97,037.92
Class 5 Light Industrial $1,400,000 $2,800,000 20.1176 $56,329.28
Class 6 Business / Other $1,400,000 $2,800,000 21.7712 $60,959.36
Class 8 Recreations $1,400,000 $2,800,000 18.5705 $51,997.40
Class 9 Farm $2,500 $5,000 21.1752 $105.88
Coquitlam 5 Acres (2.0 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $3,179,880 $15,899,400 5.2633 $83,683.31
Class 4 Major Industrial $1,400,000 $7,000,000 34.6564 $242,594.80
Class 5 Light Industrial $1,400,000 $7,000,000 20.1176 $140,823.20
Class 6 Business / Other $1,400,000 $7,000,000 21.7712 $152,398.40
Class 8 Recreations $1,400,000 $7,000,000 18.5705 $129,993.50
Class 9 Farm $2,500 $12,500 21.1752 $264.69
Coquitlam 10 Acres (4.0 Hectares)Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $3,179,880 $31,798,800 5.2633 $167,366.62
Class 4 Major Industrial $1,260,000 $12,600,000 34.6564 $436,670.64
Class 5 Light Industrial $1,260,000 $12,600,000 20.1176 $253,481.76
Class 6 Business / Other $1,260,000 $12,600,000 21.7712 $274,317.12
Class 8 Recreations $1,260,000 $12,600,000 18.5705 $233,988.30
Class 9 Farm $2,500 $25,000 21.1752 $529.38
Langley 2 Acres (0.8 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $1,350,360 $2,700,720 5.263 $14,213.89
Class 4 Major Industrial $925,000 $1,850,000 34.656 $64,113.60
Class 5 Light Industrial $925,000 $1,850,000 20.118 $37,218.30
Class 6 Business / Other $925,000 $1,850,000 21.771 $40,276.35
Class 8 Recreations $925,000 $1,850,000 18.571 $34,356.35
Class 9 Farm $2,500 $5,000 21.175 $105.88
Langley 5 Acres (2.0 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $1,350,360 $6,751,800 5.263 $35,534.72
Class 4 Major Industrial $925,000 $4,625,000 34.656 $160,284.00
Class 5 Light Industrial $925,000 $4,625,000 20.118 $93,045.75
Class 6 Business / Other $925,000 $4,625,000 21.771 $100,690.88
Class 8 Recreations $925,000 $4,625,000 18.571 $85,890.88
Class 9 Farm $2,500 $12,500 21.175 $264.69
Langley 10 Acres (4.0 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $1,350,360 $13,503,600 5.263 $71,069.45
Class 4 Major Industrial $832,500 $8,325,000 34.656 $288,511.20
Class 5 Light Industrial $832,500 $8,325,000 20.118 $167,482.35
Class 6 Business / Other $832,500 $8,325,000 21.771 $181,243.58
Class 8 Recreations $832,500 $8,325,000 18.571 $154,603.58
Class 9 Farm $2,500 $25,000 21.175 $529.38
Colliers , ... ,.", ON '
83
Property Classification by size and municipality continued
Maple Ridge 2 Acres (0.8 Hectares)Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $2,526,480 $5,052,960 6.771 $34,213.59
Class 4 Major Industrial $925,000 $1,850,000 42.703 $79,000.55
Class 5 Light Industrial $925,000 $1,850,000 18.76 $34,706.00
Class 6 Business / Other $925,000 $1,850,000 20.254 $37,469.90
Class 8 Recreations $925,000 $1,850,000 15.932 $29,474.20
Class 9 Farm $2,500 $5,000 31.8 $159.00
Maple Ridge 5 Acres (2.0 Hectares)Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $2,526,480 $12,632,400 6.771 $85,533.98
Class 4 Major Industrial $925,000 $4,625,000 42.703 $197,501.38
Class 5 Light Industrial $925,000 $4,625,000 18.76 $86,765.00
Class 6 Business / Other $925,000 $4,625,000 20.254 $93,674.75
Class 8 Recreations $925,000 $4,625,000 15.932 $73,685.50
Class 9 Farm $2,500 $12,500 31.8 $397.50
Maple Ridge 10 Acres (4.0 Hectares)Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $2,526,480 $25,264,800 6.771 $171,067.96
Class 4 Major Industrial $925,000 $9,250,000 42.703 $395,002.75
Class 5 Light Industrial $925,000 $9,250,000 18.76 $173,530.00
Class 6 Business / Other $925,000 $9,250,000 20.254 $187,349.50
Class 8 Recreations $925,000 $9,250,000 15.932 $147,371.00
Class 9 Farm $2,500 $25,000 31.8 $795.00
Pitt Meadows 2 Acres (0.8 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $2,526,480 $5,052,960 6.394 $32,308.63
Class 4 Major Industrial $925,000 $1,850,000 42.994 $79,538.90
Class 5 Light Industrial $925,000 $1,850,000 23.313 $43,129.05
Class 6 Business / Other $925,000 $1,850,000 20.133 $37,246.05
Class 8 Recreations $925,000 $1,850,000 14.144 $26,166.40
Class 9 Farm $2,500 $5,000 33.813 $169.07
Pitt Meadows 5 Acres (2.0 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $2,526,480 $12,632,400 6.394 $80,771.57
Class 4 Major Industrial $925,000 $4,625,000 42.994 $198,847.25
Class 5 Light Industrial $925,000 $4,625,000 23.313 $107,822.63
Class 6 Business / Other $925,000 $4,625,000 20.133 $93,115.13
Class 8 Recreations $925,000 $4,625,000 14.144 $65,416.00
Class 9 Farm $2,500 $12,500 33.813 $422.66
Pitt Meadows 10 Acres (4.0 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $2,526,480 $25,264,800 6.394 $161,543.13
Class 4 Major Industrial $925,000 $9,250,000 42.994 $397,694.50
Class 5 Light Industrial $925,000 $9,250,000 23.313 $215,645.25
Class 6 Business / Other $925,000 $9,250,000 20.133 $186,230.25
Class 8 Recreations $925,000 $9,250,000 14.144 $130,832.00
Class 9 Farm $2,500 $25,000 33.813 $845.33
Colliers , ... ,.", ON '
84
Property Classification by size and municipality continued
Port Coquitlam 2 Acres (0.8 Hectares)Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $2,613,600 $5,227,200 6.031 $31,525.24
Class 4 Major Industrial $1,400,000 $2,800,000 N/A N/A
Class 5 Light Industrial $1,400,000 $2,800,000 26.5359 $74,300.52
Class 6 Business / Other $1,400,000 $2,800,000 19.8802 $55,664.56
Class 8 Recreations $1,400,000 $2,800,000 18.0487 $50,536.36
Class 9 Farm $2,500 $5,000 30.6131 $153.07
Port Coquitlam 5 Acres (2.0 Hectares)Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $2,526,480 $12,632,400 6.031 $76,186.00
Class 4 Major Industrial $1,400,000 $7,000,000 N/A $0.00
Class 5 Light Industrial $1,400,000 $7,000,000 26.5359 $185,751.30
Class 6 Business / Other $1,400,000 $7,000,000 19.8802 $139,161.40
Class 8 Recreations $1,400,000 $7,000,000 18.0487 $126,340.90
Class 9 Farm $2,500 $12,500 30.6131 $382.66
Port Coquitlam 10 Acres (4.0 Hectares)Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $2,526,480 $25,264,800 6.031 $152,372.01
Class 4 Major Industrial $1,260,000 $12,600,000 N/A $0.00
Class 5 Light Industrial $1,260,000 $12,600,000 26.5359 $334,352.34
Class 6 Business / Other $1,260,000 $12,600,000 19.8802 $250,490.52
Class 8 Recreations $1,260,000 $12,600,000 18.0487 $227,413.62
Class 9 Farm $2,500 $25,000 30.6131 $765.33
Richmond 2 Acres (0.8 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $1,306,800 $2,613,600 4.16741 $10,891.94
Class 4 Major Industrial $1,600,000 $3,200,000 19.88574 $63,634.37
Class 5 Light Industrial $1,600,000 $3,200,000 14.65139 $46,884.45
Class 6 Business / Other $1,600,000 $3,200,000 15.64394 $50,060.61
Class 8 Recreations $1,600,000 $3,200,000 5.79451 $18,542.43
Class 9 Farm $2,500 $5,000 16.1905 $80.95
Richmond 5 Acres (2.0 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $1,306,800 $6,534,000 4.16741 $27,229.86
Class 4 Major Industrial $1,600,000 $8,000,000 19.88574 $159,085.92
Class 5 Light Industrial $1,600,000 $8,000,000 14.65139 $117,211.12
Class 6 Business / Other $1,600,000 $8,000,000 15.64394 $125,151.52
Class 8 Recreations $1,600,000 $8,000,000 5.79451 $46,356.08
Class 9 Farm $2,500 $12,500 16.1905 $202.38
Richmond 10 Acres (4.0 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $1,306,800 $13,068,000 4.16741 $54,459.71
Class 4 Major Industrial $1,440,000 $14,400,000 19.88574 $286,354.66
Class 5 Light Industrial $1,440,000 $14,400,000 14.65139 $210,980.02
Class 6 Business / Other $1,440,000 $14,400,000 15.64394 $225,272.74
Class 8 Recreations $1,440,000 $14,400,000 5.79451 $83,440.94
Class 9 Farm $2,500 $25,000 16.1905 $404.76
Colliers , ... ,.", ON '
85
Property Classification by size and municipality continued
Surrey 2 Acres (0.8 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $1,089,000 $2,178,000 4.6016 $10,022.28
Class 4 Major Industrial $1,200,000 $2,400,000 16.8704 $40,488.96
Class 5 Light Industrial $1,200,000 $2,400,000 12.776 $30,662.40
Class 6 Business / Other $1,200,000 $2,400,000 15.0054 $36,012.96
Class 8 Recreations $1,200,000 $2,400,000 6.1266 $14,703.84
Class 9 Farm $2,500 $5,000 6.5188 $32.59
Surrey 5 Acres (2.0 hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $1,089,000 $5,445,000 4.6016 $25,055.71
Class 4 Major Industrial $1,200,000 $6,000,000 16.8704 $101,222.40
Class 5 Light Industrial $1,200,000 $6,000,000 12.776 $76,656.00
Class 6 Business / Other $1,200,000 $6,000,000 15.0054 $90,032.40
Class 8 Recreations $1,200,000 $6,000,000 6.1266 $36,759.60
Class 9 Farm $2,500 $12,500 6.5188 $81.49
Surrey 10 Acres (4.0 Hectares) Land Value per acre Total Land Value Millage Rate Total Taxes
Class 1 Residential $1,089,000 $10,890,000 4.6016 $50,111.42
Class 4 Major Industrial $1,080,000 $10,800,000 16.8704 $182,200.32
Class 5 Light Industrial $1,080,000 $10,800,000 12.776 $137,980.80
Class 6 Business / Other $1,080,000 $10,800,000 15.0054 $162,058.32
Class 8 Recreations $1,080,000 $10,800,000 6.1266 $66,167.28
Class 9 Farm $2,500 $25,000 6.5188 $162.97
Colliers , ... ,.", ON '
86
Property Classification 2 acre (0.8 hectare) Summary
2 Acres (0.8 Hectares)
Burnaby Delta Coquitlam Langley Maple Ridge Pitt Meadows Port CoquitlamRichmond Surrey
Class 1 - Residential $44,751.10 $28,969.67 $33,473.32 $14,213.89 $34,213.59 $32,308.63 $31,525.24 $10,891.94 $10,022.28
Class 4 - Major Industrial $141,147.44 $79,419.80 $97,037.92 $64,113.60 $79,000.55 $79,538.90 N/A $63,634.37 $40,488.96
Class 5 - Light Industrial $44,742.32 $34,593.00 $56,329.28 $37,218.30 $34,706.00 $43,129.05 $74,300.52 $46,884.45 $30,662.40
Class 6 - Business / Other $48,935.60 $37,584.80 $60,959.36 $40,276.35 $37,469.90 $37,246.05 $55,664.56 $50,060.61 $36,012.96
Class 8 - Recreations $14,870.52 $22,278.80 $51,997.40 $34,356.35 $29,474.20 $26,166.40 $50,536.36 $18,542.43 $14,703.84
Class 9 - Farm $66.97 $108.78 $105.88 $105.88 $159.00 $169.07 $153.07 $80.95 $32.59
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87
Property Classification 5 acre (4.0 hectare) Summary
5 Acres (2.0 Hectares )
Burnaby Delta Coquitlam Langley Maple Ridge Pitt Meadows Port CoquitlamRichmond Surrey
Class 1 - Residential 111,877.76$ 72,424.16$ 83,683.31$ 35,534.72$ 85,533.98$ 80,771.57$ 76,186.00$ 27,229.86$ 25,055.71$
Class 4 - Major Industrial 352,868.60$ 198,549.50$ 242,594.80$ 160,284.00$ 197,501.38$ 198,847.25$ -$ 159,085.92$ 101,222.40$
Class 5 - Light Industrial 111,855.80$ 86,482.50$ 140,823.20$ 93,045.75$ 86,765.00$ 107,822.63$ 185,751.30$ 117,211.12$ 76,656.00$
Class 6 - Business / Other 122,339.00$ 93,962.00$ 152,398.40$ 100,690.88$ 93,674.75$ 93,115.13$ 139,161.40$ 125,151.52$ 90,032.40$
Class 8 - Recreations 37,176.30$ 55,697.00$ 129,993.50$ 85,890.88$ 73,685.50$ 65,416.00$ 126,340.90$ 46,356.08$ 36,759.60$
Class 9 - Farm 167.42$ 271.96$ 264.69$ 264.69$ 397.50$ 422.66$ 382.66$ 202.38$ 81.49$
88
Conclusions
The millage rate for Class 1 Residential properties tends to be lower in the Metro Vancouver region due to the
significant overall value within each municipality. As an example, in the City of Vancouver, residential properties
accounted for $187 Billion in property value, or 84.2% of the total assessed value in 2013. Similar to Vancouver,
most municipalities consist of primarily residential property value. Therefore, the taxation gained from additional
residential development would tend to be lower than that of additional commercial and industrial uses which
traditionally has higher millage rates.
From the proceeding charts and graphs, it is quite apparent that, given any property size, the Class 4 - Major
Industrial Classification pays the highest taxes. However, municipal services provided to different classes of
properties vary, as well as associated costs.
Because of the Provincial 50% school tax rebate, Light Industrial properties currently pay slightly less tax than
Class 6 Business / Other properties. In 2013, the provincial government began to eliminate the rebate with the
intention of removing it entirely by 2014. Although municipalities can adjust their millage rates to account for this
shift, generally the Class 5 Light Industrial millage rate is anticipated to exceed the Class 6 millage rate by 2014.
Colliers International anticipates that Class 5 Light Industrial properties will be the second highest revenue
generator for property taxes on a per acre basis.
Class 8 Recreational properties generally consist of a very low percentage of total property value within a
municipality. These park areas also tend to be tax exempt as they are owned by the municipalities themselves.
Privately owned recreation facilities, soccer fields, wooded hiking trails etc, tend to have a millage rate similar to
residential properties. Recreational properties tend to be a less significant form on income for municipalities.
Due to the method of valuation, farm class properties are by far the lowest income producing taxation class,
generally incurring less than 1.00% of the taxable income from other property classes. Although some
municipalities, namely Pitt Meadows, Maple Ridge, and Port Coquitlam have a high farm mill rate, the income
achieved on a per acre basis is by far the lowest of the various property uses.
89
Overall Conclusions for Agricultural Land Scenarios
The most significant factor influencing property taxation levels is weather the property is classified as a farm, or
as another use. Properties classified as farm pay lower property taxes relative to other land uses.
The 2013 revision to the exemption of farm related improvements (greenhouses, barns, etc) may result in greater
investment into intensification of agricultural land as farmers are better protected from significant tax shifts.
Size has a significant effect on property value; smaller parcels (between 1 and 5 acres) have a greater value per
acre because the number of potential purchasers is much greater than larger parcels (between 10 and 25 acres).
With less competition to purchase, larger parcels will trade for less per acre and the effects of either partial
residential or industrial uses are diminished.
The next most influential factor in land value is the location of the property. Smaller (1 3 acres) properties
located near urban centers, despite being located in the Agricultural Land Reserve, are often purchased for use
as a single family residence as the convenience to access amenities is not diminished. This trend significantly
increases the land value of parcels beyond the ability for farmers to justify purchase for agricultural use.
90
Industrial Scenarios
All of the following are scenarios for a 5 acre site:
1. Older single-tenant warehouse / distribution centre building (65,000 sq ft)
2. New single-tenant warehouse / distribution centre building (90,000 sq ft)
3. Modern cross-dock facility building (45,000 sq ft)
4. Single level multi-tenant flex-space industrial building (90,000 sq ft)
5. Two level multi-tenant flex-space industrial building (158,000 sq ft)
6. Multi-level industrial building with office component (office 45,000 sq ft/industrial 97,000 sq ft)
7. Office business park two level building (200,000 sq ft office)
8. Large format retail development single level (65,000 sq ft)
9. Townhouse Development (typical density)
10. Low Rise Apartment Development
11. High Rise Apartment Development
91
Scenario 1 Older Single Tenant Warehouse
The purpose of Scenario 1 is to compare the property tax for an older single tenant distribution centre of 65,000
square foot on a 5 acre site (0.3 FSR (floor space ratio). Distribution centre buildings tend to have a lower site
coverage, typically 30% 45% which incur excess land considerations for assessment purposes. Older buildings
tend to trade at lower values per square foot due to functional obsolescence, primarily because of lower clear
heights which affect storage capacity.
Colliers International set the parameters of gathering evidence for Scenario 1 as follows:
1. Building age is drawn from 1965 1980
2. Building size range for evidence gathering was from 40,000 to 80,000 square feet.
3. Please note that evidence for the specific industrial scenarios in North Vancouver was gathered from
both the City and District of North Vancouver, however in graphs provided throughout this report only
the mill rates for the District of North Vancouver were applied.
The following assumptions have been made:
1. Typical site coverage for industrial developments is 40%; as the land component of value is 5 acres the
65,000 square foot building (0.3 FSR) will have a significant portion of excess land.
2. The municipalities of District of North Vancouver and Vancouver did not have sufficient data; values are
assumed to be similar to those of smaller distribution centres.
3. Land values used for excess land calculations as determined by Colliers International from conversations
with BC Assessment and analysis of vacant land parcels per acre are as below:
Land Value per acre
Vancouver 2,225,000$
Burnaby 1,300,000$
Richmond 1,200,000$
Surrey 1,300,000$
Langley City 1,000,000$
Delta 985,000$
North Vancouver 2,200,000$
92
Municipality
Property
Size acres
Building
size sq ft
Improvement
Value psf
Improvement
Value
Site
coverage
permitted
Excess
Land
(acres)
Land Value
per acre
Total Excess
land Value Total Value
Total Mill
Rate- Class 5
Property
Taxes
Vancouver 5 65,000 130.00$ 8,450,000$ 40% 1.270 2,225,000$ $2,824,667 $11,274,667 15.21151 171,505$
Burnaby 5 65,000 115.00$ 7,475,000$ 40% 1.270 1,300,000$ $1,650,367 $9,125,367 15.9794 145,818$
Richmond 5 65,000 95.00$ 6,175,000$ 40% 1.270 1,200,000$ $1,523,416 $7,698,416 14.65139 112,792$
Surrey 5 65,000 100.00$ 6,500,000$ 40% 1.270 1,300,000$ $1,650,367 $8,150,367 12.77602 104,129$
Langley City 5 65,000 95.00$ 6,175,000$ 40% 1.270 1,000,000$ $1,269,513 $7,444,513 16.3195 121,491$
Delta 5 65,000 95.00$ 6,175,000$ 40% 1.270 985,000$ $1,250,471 $7,425,471 17.2965 128,435$
North Vancouver 5 65,000 120.00$ 7,800,000$ 40% 1.270 2,200,000$ $2,792,929 $10,592,929 17.43628 184,701$
Older Distribution
Centre
Vancouver 171,504.71$
Burnaby 145,817.89$
Richmond 112,792.49$
Surrey 104,129.26$
Langley City 121,490.74$
Delta 128,434.65$
North Vancouver 184,701.28$
Conclusions
Scenario 1 demonstrates that the total taxation for a 65,000 sq ft single tenant warehouse / distribution centre
building. The average property taxes within the municipalities researched is $136,008, with the highest amount in
North Vancouver at $184,701 and the lowest in the City of Surrey at $104,129. The main factors for this
difference are the significantly lower improvement values attributed to older industrial property in the City of
Surrey compared to the District of North Vancouver, along with the large variance in the Class 5 mill rate within
each municipality. The City of Surrey Class 5 mill rate for 2013 is 12.77602 whereas in North Vancouver the mill
rate is 17.43628.
93
Scenario 2 New Single-Tenant Warehouse
Scenario 2 is designed to determine the taxation by a newer, single tenant distribution center with improvements
of 90,000 square feet on a 5 acre parcel (0.4 FSR). Newer distribution centres tend to have a site coverage of
30% - 40% and have a significant clear height for product storage, trending towards 24 feet. Although less
prevalent in older, established industrial areas such as Vancouver, larger distribution developments are becoming
increasingly common in outlying municipalities such as Delta, Surrey, and Langley.
Colliers International set the parameters of gathering evidence for Scenario 2 as follows:
1. Building age is drawn from 1990 Current Developments
2. Building size ranges from 70,000 to 120,000 square feet
3. Please note that evidence for the specific industrial scenarios in North Vancouver was gathered from
both the City and District of North Vancouver, however in graphs provided throughout this report only
the mill rates for the District of North Vancouver were applied.
The following assumptions were made:
1. Typical site coverage for industrial developments is 40%; as the land component of value is 5 acres the
90,000 square foot building will not have a significant portion of excess land.
2. The municipalities of North Vancouver and Vancouver did not have sufficient data; values are assumed to
be similar to those of smaller distribution centres.
Municipality
Property
Size Acres
Improvement
Value psf
Improvement
Value
Millage Rate-
Class 5
Property
Taxes
Vancouver 5 150.00$ 13,500,000$ 15.21151 205,355.39$
Burnaby 5 120.00$ 10,800,000$ 15.9794 172,577.52$
Richmond 5 105.00$ 9,450,000$ 14.65139 138,455.64$
Surrey 5 105.00$ 9,450,000$ 12.77602 120,733.39$
Langley City 5 105.00$ 9,450,000$ 16.3195 154,219.28$
Delta 5 110.00$ 9,900,000$ 17.2965 171,235.35$
North Vancouver 5 140.00$ 12,600,000$ 17.43628 219,697.13$
94
Newer Distribution Centre
Municipality
Vancouver 205,355.39$
Burnaby 172,577.52$
Richmond 138,455.64$
Surrey 120,733.39$
Langley City 154,219.28$
Delta 171,235.35$
North Vancouver 219,697.13$
Conclusions
Scenario 2 demonstrates that the greater the density of a parcel (ie a 90,000 sq ft improvement versus a 65,000
sq ft improvement) the greater the property taxes as there is greater value associated with new building area
than exposed land. Scenario 2 also demonstrates the taxation difference of newer parcels versus older ones.
Newer developments result in a higher property value, which equates to higher taxes. The average taxes within
all the municipalities researched is $168,896, with the highest taxes in North Vancouver at $219,697 and the
lowest in the City of Surrey at $120,733, a trend similar to older distribution centre buildings.
Colliers I "H~''''.TlO'''''
Newer Distribution Centre $250,000
$200,000
$ 150,000
$100,000
$50,000
,
95
Scenario 3 Modern Cross-Dock Facility Building
Scenario 3 is designed to determine the taxation for newer cross dock facilities of 45,000 sq ft on a 5 acre parcel
(0.21 FSR) within the various municipalities located within Metro Vancouver. Cross dock facilities tend to have
the lowest site coverage, typically 20%-40% which incur excess land considerations for assessment purposes.
Colliers International set the parameters for Scenario 3 as follows:
1. Building age is drawn from 1990 2013
2. Building size ranges from 30,000 and 60,000 sq ft
3. Please note that evidence for the specific industrial scenarios in North Vancouver was gathered from
both the City and District of North Vancouver, however in graphs provided throughout this report only
the mill rates for the District of North Vancouver were applied.
The following assumptions were made:
1. Typical site coverage for industrial developments is 40%; as the land component of value is 5 acres the
45,000 square foot building will have a significant portion of excess land.
2. The municipalities of North Vancouver and Vancouver did not have sufficient data; values are assumed to
be similar to those of smaller distribution centres.
3. Land values used for excess land calculations as determined by Colliers International from conversations
with BC Assessment and analysis of vacant land parcels per acre are as below:
Land Value per
Vancouver 2,225,000$
Burnaby 1,300,000$
Richmond 1,200,000$
Surrey 1,300,000$
Langley City 1,000,000$
Delta 985,000$
North Vancouver 2,200,000$
The results are summarized on the following pages.
96
Municipality
Property
Size Acres
Improvement
Value psf
Improvement
Value
Density
Permitted
Excess
Land
(acres)
Land Value
per acre
Total Excess
land Value Total Value
Millage Rate-
Class 5
Property
Taxes
Vancouver 5 160.00$ 7,200,000$ 40% 2.417 2,225,000$ $5,378,616 $12,578,616 15.21151 191,339.74$
Burnaby 5 150.00$ 6,750,000$ 40% 2.417 1,300,000$ $3,142,562 $9,892,562 15.9794 158,077.20$
Richmond 5 110.00$ 4,950,000$ 40% 2.417 1,200,000$ $2,900,826 $7,850,826 14.65139 115,025.52$
Surrey 5 130.00$ 5,850,000$ 40% 2.417 1,300,000$ $3,142,562 $8,992,562 12.77602 114,889.15$
Langley City 5 105.00$ 4,725,000$ 40% 2.417 1,000,000$ $2,417,355 $7,142,355 16.3195 116,559.67$
Delta 5 115.00$ 5,175,000$ 40% 2.417 985,000$ $2,381,095 $7,556,095 17.2965 130,694.00$
North Vancouver 5 150.00$ 6,750,000$ 40% 2.417 2,200,000$ $5,318,182 $12,068,182 17.43628 210,424.20$
Modern Crossdock
Class 5
Vancouver 191,339.74$
Burnaby 158,077.20$
Richmond 115,025.52$
Surrey 114,889.15$
Langley City 116,559.67$
Delta 130,694.00$
North Vancouver 210,424.20$
$250,000
$200,000
$150,000
$100,000
$50,000
$-
Modern Cross-Dock Facility- Class 5
Colliers IN TF~NArIO"'AI
97
Conclusions
Scenario 3 demonstrates the taxation for a 45,000 sq ft cross dock facility. The District of North Vancouver
applies the highest taxes for Class 5 Light Industrial, while the City of Surrey has the lowest taxes. The average
taxation for a 5 acre development improved with a 45,000 sq ft cross dock facility is $144,078 for Class 5 Light
Industrial.
Relative to Scenarios 1 and 2, Scenario 3 produces an average tax revenue. The evidence demonstrates that
newer developments generate a higher tax revenue than older developments (Scenario 1 versus Scenario 3) and
that properties with greater site coverage pay more taxes than properties with lower site coverage (Scenario 2
versus Scenario 3).
98
Scenario 4 Single Level Multi-Tenant Flex Space
Scenario 4 is designed to determine the taxation for a typical large format multi-tenant industrial development of
90,000 sq ft on a 5 acre site (0.41 FSR). These improvements tend to have a site coverage of approximately
50% - 60% and are larger to accommodate more tenants. Due to the high site coverage, multi-tenant flex
buildings are not typically assessed with an excess land calculation.
Classifications for such properties vary between Class 5 Light Industrial and Class 6 Business / Other
depending on the product produced by various tenants. For the purposes of this scenario, Colliers International
has provided calculations for both classifications.
In this analysis Colliers International made the following assumptions:
1. Building age is drawn from 1965 Current Developments
2. Building size ranges from 70,000 to 120,000 square feet
3. Office component typically amounts to 10% of overall building.
4. Please note that evidence for the specific industrial scenarios in North Vancouver was gathered from
both the City and District of North Vancouver, however in graphs provided throughout this report only
the mill rates for the District of North Vancouver were applied.
The following assumptions were made:
1. Typical site coverage for industrial developments is 50% to 60%; as the land component of value is 5
acres the 90,000 square foot building will not have a calculation for excess land.
2. The municipalities of North Vancouver and Vancouver did not have sufficient data; values are assumed to
be similar to those of smaller distribution centres.
The results are outlined on the following pages.
99
Class 5 Light Industry
Municipality
Property
Size Acres
Improvement
Value psf
Improvement
Value
Millage Rate-
Class 5
Property
Taxes
Vancouver 5 130.00$ 11,700,000$ 15.21151 177,975$
Burnaby 5 115.00$ 10,350,000$ 15.9794 165,387$
Richmond 5 90.00$ 8,100,000$ 14.65139 118,676$
Surrey 5 90.00$ 8,100,000$ 12.77602 103,486$
Langley City 5 85.00$ 7,650,000$ 16.3195 124,844$
Delta 5 100.00$ 9,000,000$ 17.2965 155,669$
North Vancouver 5 140.00$ 12,600,000$ 17.43628 219,697$
Single Level Flex
Industrial
Municipality Class 5
Vancouver 177,975$
Burnaby 165,387$
Richmond 118,676$
Surrey 103,486$
Langley City 124,844$
Delta 155,669$
North Vancouver 219,697$
Single Level Flex Industrial Class S $250,000 ,--
$200,000
$150,000
$100,000
$50,000
$0
Colliers IN TF~NArIO"'AI
100
Class 6 Business Other
Municipality
Property
Size Acres
Improvement
Value psf
Improvement
Value
Millage Rate-
Class 6
Property
Taxes
Vancouver 5 130.00$ 11,700,000$ 16.48542 192,879$
Burnaby 5 115.00$ 10,350,000$ 17.477 180,887$
Richmond 5 90.00$ 8,100,000$ 15.64394 126,716$
Surrey 5 90.00$ 8,100,000$ 15.00537 121,543$
Langley City 5 85.00$ 7,650,000$ 16.8007 128,525$
Delta 5 100.00$ 9,000,000$ 18.7924 169,132$
North Vancouver 5 140.00$ 12,600,000$ 16.62269 209,446$
Single Level Flex
Industrial
Municipality Class 6
Vancouver 192,879$
Burnaby 180,887$
Richmond 126,716$
Surrey 121,543$
Langley City 128,525$
Delta 169,132$
North Vancouver 209,446$
Single Level Flex Industrial Class 6 $250,000 .,--------------
$200,000
$150,000
$100,000
$50,000
$0
Colliers IN TF~NArIO"'AI
101
Conclusions
Scenario 4 demonstrates that in areas with higher land values, industrial properties with higher FSR with no
excess land trade for a similar value to single level distribution centres with excess land value. Industrial buildings
of reasonable size (ie greater than 20,000 sq ft) and of similar age will trade for similar values per square foot.
Therefore areas with low land value benefit from properties with greater density due to greater value attributed
to the building improvements.
The District of North Vancouver applies the highest taxation rate for both Class 5 Light Industrial and Class 6 -
Business / Other classifications due to the higher value per square foot of improvement and scarcity of industrial
land. The City of Surrey, having a relatively lower millage rate and lower improvement values, applies the lowest
taxes. The average taxes for 5 acre developments, improved with a 90,000 square foot building are $152,784 for
Class 5 Light Industrial and $162,819 for Class 6 Business / Other.
102
Scenario 5 Two Level Multi-Tenant Flex Space
Scenario 5 is designed to estimate the taxes for a two level, multi-tenant industrial flex space. Such a
development would maximize density in municipalities that have limited area for industrial parks.
Improvements are assumed to be approximately 160,000 square feet in size, and are comprised of two levels of
warehouse / manufacturing industrial space on a 5 acre property (0.73 FSR). In order to construct such a
development, the lower floor would require tighter column spacing to support the upper floor. The specific
spacing would depend on very specific property features and is difficult to forecast in a general exercise. Column
spacing is an important consideration for distribution type tenancies, and developments with closer columns are
less attractive. For the purposes of Scenario 5, Colliers International has assumed a 10% downwards adjustment
to the value per square foot of the multi-level improvement to account for a smaller tenant pool and less
attractive column spacing.
Classifications for such properties vary between Class 5 Light Industrial and Class 6 Business / Other
depending on the product produced by various tenants. For the purposes of this scenario, Colliers International
has provided calculations for both classifications.
In this analysis Colliers International made the following assumptions:
1. Building age is drawn from newer 1990 + Current Developments
2. Evidence for values per square foot ranges from 90,000 to 250,000 square feet where available
The following assumptions were made:
1. Typical site coverage for industrial developments is 50% to 60%; as the land component of value is 5
acres the 160,000 square foot building will not have a calculation for excess land.
2. The municipalities of District of North Vancouver and Vancouver did not have sufficient data; values are
assumed to be similar to those of smaller distribution centres.
The results are outlined on the following pages.
103
Class 5 Light Industrial
Municipality
Property
Size Acres
Improvement
Value psf
Improvement
Value Total Value
Millage Rate-
Class 5 Property Taxes
Vancouver 5 108.00$ 17,064,000$ 17,064,000$ 15.21151 259,569.21$
Burnaby 5 99.00$ 15,642,000$ 15,642,000$ 15.9794 249,949.77$
Richmond 5 81.00$ 12,798,000$ 12,798,000$ 14.65139 187,508.49$
Surrey 5 81.00$ 12,798,000$ 12,798,000$ 12.77602 163,507.50$
Langley City 5 72.00$ 11,376,000$ 11,376,000$ 16.3195 185,650.63$
Delta 5 81.00$ 12,798,000$ 12,798,000$ 17.2965 221,360.61$
North Vancouver 5 99.00$ 15,642,000$ 15,642,000$ 17.43628 272,738.29$
Two level multi-
tenant flex-space
industrial building
Municipality Class 5
Vancouver 259,569$
Burnaby 249,950$
Richmond 187,508$
Surrey 163,508$
Langley City 185,651$
Delta 221,361$
North Vancouver 272,738$
Two Level Flex Industrial Class 5 $300,000 -,-------------
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Colliers IN TF~NArIO"'AI
104
Class 6 Business Other
Municipality
Property
Size Acres
Improvement
Value psf
Improvement
Value Total Value
Millage Rate-
Class 6 Property Taxes
Vancouver 5 108.00$ 17,064,000$ 17,064,000$ 16.48542 281,307.21$
Burnaby 5 99.00$ 15,642,000$ 15,642,000$ 17.477 273,375.23$
Richmond 5 81.00$ 12,798,000$ 12,798,000$ 15.64394 200,211.14$
Surrey 5 81.00$ 12,798,000$ 12,798,000$ 15.00537 192,038.73$
Langley City 5 72.00$ 11,376,000$ 11,376,000$ 16.8007 191,124.76$
Delta 5 81.00$ 12,798,000$ 12,798,000$ 18.7924 240,505.14$
North Vancouver 5 99.00$ 15,642,000$ 15,642,000$ 16.62269 260,012.12$
Two level multi-
tenant flex-space
industrial building
Municipality Class 6
Vancouver 281,307$
Burnaby 273,375$
Richmond 200,211$
Surrey 192,039$
Langley City 191,125$
Delta 240,505$
North Vancouver 260,012$
105
Conclusions
As an exercise, Scenario 5 yields interesting results. Properties of this caliber would be valued based on the
Income Approach. Because BC Assessment values income producing properties based on the income a property
can produce, divided by a market generated capitalization rate, the assessed value of a two level industrial
building would be twice the value of a single level building less any adjustments due to column spacing or access
to the 2nd
floor, due to increased density. Although Colliers International has used an adjustment of 10%, this
adjustment may be greater in areas where access is the primary function of value or non-existent where location
is the primary function of value.
106
Scenario 6 Multi-Level Industrial Building with Office
Scenario 6 is designed to estimate the taxes for a multi-level industrial building with an office component. The 5
acre property is improved with 97,000 sq ft of industrial space on the ground level with 45,000 sq ft of office
space on the upper level (0.65 FSR).
In order to construct such a development, part of the lower floor would require slightly tighter column spacing in
order to support the office on the second floor. The specific spacing, although not as severe as in Scenario 5,
would depend on very specific property features and is difficult to forecast in a general exercise.
It is accepted that Light Industrial properties require some office in order to operate, generally around 10%.
However, properties with a greater than 10% office component are typically centralized office areas for a national
business. Although values per sq ft for such properties are generally reported using a blended rate, office
functions such as human resources, accounting, etc which are not necessarily associated with light industry, are
assessed using the Class 6 Business / Other mill rate. Colliers International has delineated between the
industrial portion of the building and the office portion of the building to account for the greater percentage of
office in Scenario 6.
Colliers International set the parameters of gathering evidence for scenario 6 as follows:
1. Building age is drawn from newer 1990 2013
2. Building size ranges from 100,000 and 200,000 sq ft
3. Please note that evidence for the specific industrial scenarios in North Vancouver was gathered from
both the City and District of North Vancouver, however in graphs provided throughout this report only
the mill rates for the District of North Vancouver were applied.
The following assumptions were made:
1. Given the building size is 142,000 sq ft no excess land has been added
2. The property is valued using split class, 76% Class 5 Light industry and 24% Class 6 Business / Other
3. The municipalities of North Vancouver and Vancouver did not have sufficient data; values are assumed to
be similar to those of smaller distribution centres.
107
Municipality
Property
Size Acres
Improvement
Value psf
Improvement
Value Total Value
Split Class % -
Class 5 76%
Split Class % -
Class 6 24%
Millage Rate-
Class 5
Millage Rate-
Class 6
Property
Taxes
Vancouver 5 120.00$ 17,040,000$ 17,040,000$ 12,950,400$ 4,089,600$ 15.21151 16.48542 264,414$
Burnaby 5 110.00$ 15,620,000$ 15,620,000$ 11,871,200$ 3,748,800$ 15.9794 17.477 255,212$
Richmond 5 90.00$ 12,780,000$ 12,780,000$ 9,712,800$ 3,067,200$ 14.65139 15.64394 190,289$
Surrey 5 90.00$ 12,780,000$ 12,780,000$ 9,712,800$ 3,067,200$ 12.77602 15.00537 170,115$
Langley City 5 80.00$ 11,360,000$ 11,360,000$ 8,633,600$ 2,726,400$ 16.3195 16.8007 186,701$
Delta 5 90.00$ 12,780,000$ 12,780,000$ 9,712,800$ 3,067,200$ 17.2965 18.7924 225,637$
North Vancouver 5 110.00$ 15,620,000$ 15,620,000$ 11,871,200$ 3,748,800$ 17.43628 16.62269 269,305$
Multi level
industrial with
Municipality Class 5&6
Vancouver 264,413.91$
Burnaby 255,212.43$
Richmond 190,289.11$
Surrey 170,115.40$
Langley City 186,701.46$
Delta 225,637.49$
North Vancouver 269,304.71$
Multi Level Industrial with Office - Class 5&6
$300,000 ,-------------
$250,000 $200,000 $150,000 $100,000
$50,000 $0
Colliers IN TF~NArIO"'AI
108
Conclusions
Improvement values per sq ft for larger, multi-level industrial developments tend to be slightly lower than smaller
industrial developments due to no excess land being associated with the property. The most significant influence
on taxable income for properties with a higher component of office as opposed to properties designed for
distribution is the inclusion of the Class 6 Business / Other millage rate. The average tax for 5 acre
developments, improved with a 142,000 square foot building is $223,342 using the class 5 & 6 split.
109
Scenario 7 Office Business Park
Scenario 7 is designed to demonstrate the tax revenue generated by a 5 acre parcel improved with a 200,000
square foot office business park (0.91 FSR). Although such improvements are somewhat rare, most
municipalities have some examples of two storey business parks. Due to their high value and the commercial
millage rate, office properties tend to pay much higher taxes relative to other scenarios explored in this report.
Colliers International has set the parameters of evidence gathering for Scenario 7 as follows:
1. Building age is drawn from 1970 Current Developments
2. Building size ranges from 80,000 to 250,000 square feet
3. Please note that evidence for the specific industrial scenarios in North Vancouver was gathered from
both the City and District of North Vancouver, however in graphs provided throughout this report only
the mill rates for the District of North Vancouver were applied.
The following assumptions were made:
1. Typical site coverage for office developments range depending on location; as the land component of
value is 5 acres the 200,000 square foot building will not have a calculation for excess land.
2. The municipalities of Delta and Langley did not have sufficient data; values are assumed to be similar on
a per square foot basis to those of smaller office developments.
110
Municipality
Property Size
Acres
Improvement
Value psf
Improvement
Value Total Value
Millage Rate-
Class 6 Property Taxes
Vancouver 5 340.00$ 68,000,000$ 68,000,000$ 16.48542 1,121,009$
Burnaby 5 260.00$ 52,000,000$ 52,000,000$ 17.477 908,804$
Richmond 5 200.00$ 40,000,000$ 40,000,000$ 15.64394 625,758$
Surrey 5 220.00$ 44,000,000$ 44,000,000$ 15.00537 660,236$
Langley City 5 190.00$ 38,000,000$ 38,000,000$ 16.8007 638,427$
Delta 5 204.00$ 40,800,000$ 40,800,000$ 18.7924 766,730$
North Vancouver 5 200.00$ 40,000,000$ 40,000,000$ 16.62269 664,908$
Office business park
two level building Class 6
Vancouver 1,121,009$
Burnaby 908,804$
Richmond 625,758$
Surrey 660,236$
Langley City 638,427$
Delta 766,730$
North Vancouver 664,908$
Colliers "<l '""A " O~A '
I I I I I I
Office Business Park two level $1 ,200,000 TCC-
$1,000,000
""'.~ S<OO.~
$400.000
$200,000
;
111
Conclusions
Due to the high value per square foot for 5 acre office properties, the City of Vancouver achieves the highest
taxation from Office Park Developments, approximately $1,121,000 in taxes. Due to lower values the City of
Richmond yields the lowest taxes of approximately $626,000 for Scenario 7. The average taxes for Scenario 7
are $767,798. This is by far the highest of the scenarios explored.
It is important to note that office properties not located along sky train routes have suffered from significant
vacancy issues and tend to achieve lower lease rates. Industry experts agree that such a trend is likely to
continue for the foreseeable future and may worsen as more competitive properties are built at higher densities
along transit routes.
112
Scenario 8 Large Format Retail Development
Scenario 8 is designed to forecast the taxes generated by a single level retail development with a 65,000 sq ft
improvement on a 5 acre property (0.30 FSR). Large format retail developments tend to have a site coverage of
approximately 30% - 50% and provide generous on-site parking to accommodate customers. Due to the high
parking requirement, typical buildings of this size on a 5 acre site are not generally assessed with an excess land
calculation.
Colliers International set the parameters of evidence gathering for scenario 8 as follows:
1. Building size ranges from 20,000 and 100,000 sq ft
2. No excess land has been added due to parking requirements
Municipality
Property
Size Acres
Improvement
Value psf
Improvement
Value Total Value
Millage Rate-
Class 6 Property Taxes
Vancouver 5 440.00$ 28,600,000$ 28,600,000$ 16.48542 471,483.01$
Burnaby 5 315.00$ 20,475,000$ 20,475,000$ 17.477 357,841.58$
Richmond 5 250.00$ 16,250,000$ 16,250,000$ 15.64394 254,214.03$
Surrey 5 240.00$ 15,600,000$ 15,600,000$ 15.00537 234,083.77$
Langley City 5 235.00$ 15,275,000$ 15,275,000$ 16.8007 256,630.69$
Delta 5 250.00$ 16,250,000$ 16,250,000$ 18.7924 305,376.50$
North Vancouver 5 240.00$ 15,600,000$ 15,600,000$ 16.62269 259,313.96$
Large Format Retail
Municipality Class 6
Vancouver 471,483.01$
Burnaby 357,841.58$
Richmond 254,214.03$
Surrey 234,083.77$
Langley City 256,630.69$
Delta 305,376.50$
North Vancouver 259,313.96$
113
Conclusions
Retail properties tend to pay higher taxes than industrial properties because they trade at a higher value per
square foot, but a lower value than office because they are unable to achieve the same density on a parcel.
114
Scenario 9 Townhouse Development
Scenario 9 is designed to demonstrate the taxation generated by a 5 acre parcel improved with a typical
townhouse development. Townhouse developments are typically constructed using wood frame and wood
cladding, although high value properties can include stone cladding. Townhouse developments have the lowest
site coverage of multi-family residential properties, between 0.5 and 0.85 FSR, and due to the larger size of
individual units, sell for the lowest value per square foot.
Colliers International has set the parameters of evidence gathering for Scenario 9 as follows:
Townhouse style developments sold in 2013
The following assumptions were made:
Typical density of townhouse developments are assumed to be constructed to a 0.75 FSR
115
Municipality
Property Size
Acres FSR
Buildable
area sq ft
Value per sq
ft Total Value
Millage Rate-
Class 1 Property Taxes
Vancouver 5 0.75 163,350 635.00$ $103,727,250 3.79347 393,486.21$
Burnaby 5 0.75 163,350 395.00$ $64,523,250 4.2806 276,198.22$
Richmond 5 0.75 163,350 400.00$ $65,340,000 4.16741 272,298.57$
Surrey 5 0.75 163,350 230.00$ $37,570,500 4.60163 172,885.54$
Langley 5 0.75 163,350 220.00$ $35,937,000 6.2227 223,625.17$
Delta 5 0.75 163,350 230.00$ $37,570,500 5.5421 208,219.47$
North Vancouver 5 0.75 163,350 435.00$ $71,057,250 4.3019 305,681.18$
Townhouse development
Vancouver 393,486$
Burnaby 276,198$
Richmond 272,299$
Surrey 172,886$
Langley City 223,625$
Delta 208,219$
North Vancouver 305,681$
Colliers IN TF~NArIO"'AI
I I I I I I I
$450,000 5400,000 $350,000 5300,000 5250,000 $200,000 5150,000 $100,000
550,000 5-
Townhouse Development
116
Conclusions
The highest value per square foot for townhouse developments are found in the Cities of Vancouver, North
Vancouver, and Richmond. This is reflective of proximity to downtown Vancouver and the inventory available to
purchasers and proximity to rapid transit. In cities where the downtown is easily accessible, or there is a limited
inventory of townhouses, the value per square foot of such units is higher. Predictably, the City of Langley has
the lowest value per square foot of townhouse units.
Overall the property tax revenue generated by such developments ranged from $172,885.54 to $393,486.21 for a
5 acre parcel constructed to a density of 0.75 FSR.
117
Scenario 10 Low Rise Apartment Development
Scenario 10 is designed to demonstrate the taxes for by a 5 acre parcel improved with a typical low rise
apartment development. Low rise developments are typically constructed using wood frame and wood cladding,
although some are constructed using a concrete frame. Low rise multi-family developments typically have a
density ranging from 1.0 to 2.0 FSR. They are most common on the fringes of dense urban development.
Colliers International has set the parameters of evidence gathering for Scenario 10 as follows:
Condo units below 5 storeys sold in 2013.
The following assumptions were made:
Typical density of apartment developments are assumed to be constructed to a 1.5 FSR.
118
Municipality
Property Size
Acres FSR
Buildable area
sq ft
Value per sq
ft Total Value
Millage Rate-
Class 1
Property
Taxes
Vancouver 5 1.5 326,700 640.00$ $209,088,000 3.79347 793,169$
Burnaby 5 1.5 326,700 420.00$ $137,214,000 4.2806 587,358$
Richmond 5 1.5 326,700 430.00$ $140,481,000 4.16741 585,442$
Surrey 5 1.5 326,700 280.00$ $91,476,000 4.60163 420,939$
Langley City 5 1.5 326,700 280.00$ $91,476,000 6.2227 569,228$
Delta 5 1.5 326,700 280.00$ $91,476,000 5.5421 506,969$
North Vancouver 5 1.5 326,700 500.00$ $163,350,000 4.3019 702,715$
Low Rise Development
Vancouver 793,169$
Burnaby 587,358$
Richmond 585,442$
Surrey 420,939$
Langley City 569,228$
Delta 506,969$
North Vancouver 702,715$
Colliers "<l '""A " O~A '
I I I I I I I
low Rise Development
119
Conclusions
The highest value per square foot for low rise multi-family developments are found in the Cities of Vancouver,
North Vancouver, and Richmond. The Cities of Langley, Surrey, and Delta had the lowest value per square foot of
property value.
Low rise apartment developments tend to achieve a higher value per square foot than townhouse developments
because the units are smaller in size. Similar to industrial parcels, the principle of diminishing marginal returns is
applicable to housing units. Smaller apartment units will trade for a higher value per square foot than larger
townhouse units. The greater density on the parcel also contributes to a higher tax revenue.
Overall, the property taxes for such developments ranged from $420,939 to $793,169 for a 5 acre parcel
constructed to a density of 1.5 FSR.
120
Scenario 11 High Rise Apartment Development
Scenario 11 is designed to demonstrate the taxation for a 5 acre parcel improved with a typical high rise
apartment development. Due the greater height, high rise multi-family developments are constructed using
structural concrete. The concrete construction is desirable for sound proofing, durability, and fire proofing and
therefore trade for a higher price per square foot than wood framed buildings. Units in higher rise residential
developments typically offer better view units, which will also trade for a premium. High rise multi-family
developments typically have a density ranging from 3.0 FSR and above. They are typically located in dense
urban areas and city centers.
Colliers International has set the parameters of evidence gathering for Scenario 11 as follows:
Condo units above 5 storeys sold in 2013
The following assumptions were made:
Typical density of apartments developments are assumed to be constructed to a 3.0 FSR
The City of Langley did not have any evidence of high rise developments. With no market to
compare to, Colliers International has not included an analysis of this area.
121
Municipality
Property Size
Acres FSR
Buildable
area sq ft
Value per
sq ft Total Value
Millage Rate-
Class 1 Property Taxes
Vancouver 5 3 653,400 720.00$ $470,448,000 3.79347 1,784,630$
Burnaby 5 3 653,400 480.00$ $313,632,000 4.2806 1,342,533$
Richmond 5 3 653,400 500.00$ $326,700,000 4.16741 1,361,493$
Surrey 5 3 653,400 340.00$ $222,156,000 4.60163 1,022,280$
Langley City 5 3 653,400 n/a n/a n/a n/a
Delta 5 3 653,400 340.00$ $222,156,000 5.5421 1,231,211$
North Vancouver 5 3 653,400 610.00$ $398,574,000 4.3019 1,714,625$
High Rise Development
Vancouver 1,784,630$
Burnaby 1,342,533$
Richmond 1,361,493$
Surrey 1,022,280$
Langley City n/a
Delta 1,231,211$
North Vancouver 1,714,625$
122
Conclusions
With the highest value per square foot and the highest density of the three residential scenarios, high rise
residential developments pay the most taxes. Although the residential millage rate is lower than all other
classification, the high density residential development yields the greatest taxes of the scenarios studied.
Although the City of Vancouver has the highest value per square foot, the higher millage rate of the District of
North Vancouver creates a situation where the tax is largely the same, $1,784,630 and $1,714,625 respectively.
The City of Surrey, with the lowest value per square foot and the lowest millage rate, has the lowest taxes with
$1,022,280.
It is worth noting that the density of high density multi-family developments is the largest of all 11 scenarios.
Included below is a chart summarizing the tax payable by all three residential scenarios.
123
Comparison of Industrial Scenarios
This section is designed to compare the previous 11 scenarios within each municipality to determine the relative
taxes. Colliers International feels this is an appropriate study for future highest and best use considerations.
Please note all scenarios are for a 5 acre site.
1. Older single-tenant warehouse / distribution centre building (65,000 sq ft)
2. New single-tenant warehouse / distribution centre building (90,000 sq ft)
3. Modern cross-dock facility building (45,000 sq ft)
4. Single level multi-tenant flex-space industrial building (90,000 sq ft)
5. Two level multi-tenant flex-space industrial building (158,000 sq ft)
6. Multi-level industrial building with office component (office 45,000 sq ft/industrial 97,000 sq ft)
7. Office business park two level building (200,000 sq ft office)
8. Large format retail development single level (65,000 sq ft)
9. Townhouse Development (typical density)
10. Low Rise Apartment Development
11. High Rise Apartment Development
124
Vancouver
Vancouver Total
Taxes
Scenario 1 - Old distribution centre 65,000 sq ft - Class 5 171,505$
Scenario 2 - New distribution centre 90,000 sq ft - Class 5 205,355$
Scenario 3 - Cross-dock 45,000 sq ft - Class 5 191,340$
Scenario 4 - Single level multi-tenant flex industrial 90,000 sq ft - Class 5 177,975$
Scenario 4 - Single level multi-tenant flex industrial 90,000 sq ft- Class 6 192,879$
Scenario 5 - Two level multi-tenant flex industrial 158,000 sq ft - Class 5 259,569$
Scenario 5 -Two level multi-tenant flex industrial 158,000 sq ft - Class 6 281,307$
Scenario 6 - Multi level industrial (office 45,000 sq ft / industrial 97,000 sq ft -
Class 5&6 264,414$
Scenario 7 - Office building two level 200,000 sq ft - Class 6 1,121,009$
Scenario 8 - large format retail 65,000 sq ft - Class 6 471,483$
Scenario 9 - Townhouse development - Class 1 393,486$
Scenario 10 - Low rise apartment - Class 1 793,169$
Scenario 11 - High rise apartment - Class 1 1,784,630$
,Z,OOO.OOO '1,800,000 '1,600,000 $1,400,000
$1,100,000
$1,000,000 -'""~ ~oo_
$~OO.ooo
>
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Vancouver Total Taxes
125
Burnaby
Burnaby Total
Taxes
Scenario 1 - Old distribution centre 65,000 sq ft - Class 5 145,818$
Scenario 2 - New distribution centre 90,000 sq ft - Class 5 172,578$
Scenario 3 - Cross-dock 45,000 sq ft - Class 5 158,077$
Scenario 4 - Single level multi-tenant flex industrial 90,000 sq ft - Class 5 165,387$
Scenario 4 - Single level multi-tenant flex industrial 90,000 sq ft- Class 6 180,887$
Scenario 5 - Two level multi-tenant flex industrial 158,000 sq ft - Class 5 249,950$
Scenario 5 -Two level multi-tenant flex industrial 158,000 sq ft - Class 6 273,375$
Scenario 6 - Multi level industrial (office 45,000 sq ft / industrial 97,000 sq
ft - Class 5&6 255,212$
Scenario 7 - Office building two level 200,000 sq ft - Class 6 908,804$
Scenario 8 - large format retail 65,000 sq ft - Class 6 357,842$
Scenario 9 - Townhouse development - Class 1 276,198$
Scenario 10 - Low rise apartment - Class 1 587,358$
Scenario 11 - High rise apartment - Class 1 1,342,533$
$1.600,000 I=== $1.400,000
$1.200,000
$l,OOO)XJO
s=.= t----$400,000 t---$200,000
$
Colliers "<l '""A " O~A '
Burnaby Total Taxes
126
Richmond
Richmond Total
Taxes
Scenario 1 - Old distribution centre 65,000 sq ft - Class 5 112,792$
Scenario 2 - New distribution centre 90,000 sq ft - Class 5 138,456$
Scenario 3 - Cross-dock 45,000 sq ft - Class 5 115,026$
Scenario 4 - Single level multi-tenant flex industrial 90,000 sq ft - Class 5 118,676$
Scenario 4 - Single level multi-tenant flex industrial 90,000 sq ft- Class 6 126,716$
Scenario 5 - Two level multi-tenant flex industrial 158,000 sq ft - Class 5 187,508$
Scenario 5 -Two level multi-tenant flex industrial 158,000 sq ft - Class 6 200,211$
Scenario 6 - Multi level industrial (office 45,000 sq ft / industrial 97,000 sq
ft - Class 5&6 190,289$
Scenario 7 - Office building two level 200,000 sq ft - Class 6 625,758$
Scenario 8 - large format retail 65,000 sq ft - Class 6 254,214$
Scenario 9 - Townhouse development - Class 1 272,299$
Scenario 10 - Low rise apartment - Class 1 585,442$
Scenario 11 - High rise apartment - Class 1 1,361,493$
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
$800,000
$400,000
$100,000
~
Colliers IN TF~NArIO"'AI
Richmond Total Taxes
127
Surrey
Surrey Total
Taxes
Scenario 1 - Old distribution centre 65,000 sq ft - Class 5 104,129$
Scenario 2 - New distribution centre 90,000 sq ft - Class 5 120,733$
Scenario 3 - Cross-dock 45,000 sq ft - Class 5 114,889$
Scenario 4 - Single level multi-tenant flex industrial 90,000 sq ft - Class 5 103,486$
Scenario 4 - Single level multi-tenant flex industrial 90,000 sq ft- Class 6 121,543$
Scenario 5 - Two level multi-tenant flex industrial 158,000 sq ft - Class 5 163,508$
Scenario 5 -Two level multi-tenant flex industrial 158,000 sq ft - Class 6 192,039$
Scenario 6 - Multi level industrial (office 45,000 sq ft / industrial 97,000 sq
ft - Class 5&6 170,115$
Scenario 7 - Office building two level 200,000 sq ft - Class 6 660,236$
Scenario 8 - large format retail 65,000 sq ft - Class 6 234,084$
Scenario 9 - Townhouse development - Class 1 172,886$
Scenario 10 - Low rise apartment - Class 1 420,939$
Scenario 11 - High rise apartment - Class 1 1,022,280$
128
Langley City
Langley City Total
Taxes
Scenario 1 - Old distribution centre 65,000 sq ft - Class 5 121,491$
Scenario 2 - New distribution centre 90,000 sq ft - Class 5 154,219$
Scenario 3 - Cross-dock 45,000 sq ft - Class 5 116,560$
Scenario 4 - Single level multi-tenant flex industrial 90,000 sq ft - Class 5 124,844$
Scenario 4 - Single level multi-tenant flex industrial 90,000 sq ft- Class 6 128,525$
Scenario 5 - Two level multi-tenant flex industrial 158,000 sq ft - Class 5 185,651$
Scenario 5 -Two level multi-tenant flex industrial 158,000 sq ft - Class 6 191,125$
Scenario 6 - Multi level industrial (office 45,000 sq ft / industrial 97,000 sq
ft - Class 5&6 186,701$
Scenario 7 - Office building two level 200,000 sq ft - Class 6 638,427$
Scenario 8 - large format retail 65,000 sq ft - Class 6 256,631$
Scenario 9 - Townhouse development - Class 1 223,625$
Scenario 10 - Low rise apartment - Class 1 569,228$
Scenario 11 - High rise apartment - Class 1 n/a
129
Delta
Delta Total
Taxes
Scenario 1 - Old distribution centre 65,000 sq ft - Class 5 128,435$
Scenario 2 - New distribution centre 90,000 sq ft - Class 5 171,235$
Scenario 3 - Cross-dock 45,000 sq ft - Class 5 130,694$
Scenario 4 - Single level multi-tenant flex industrial 90,000 sq ft - Class 5 155,669$
Scenario 4 - Single level multi-tenant flex industrial 90,000 sq ft- Class 6 169,132$
Scenario 5 - Two level multi-tenant flex industrial 158,000 sq ft - Class 5 221,361$
Scenario 5 -Two level multi-tenant flex industrial 158,000 sq ft - Class 6 240,505$
Scenario 6 - Multi level industrial (office 45,000 sq ft / industrial 97,000 sq
ft - Class 5&6 225,637$
Scenario 7 - Office building two level 200,000 sq ft - Class 6 766,730$
Scenario 8 - large format retail 65,000 sq ft - Class 6 305,377$
Scenario 9 - Townhouse development - Class 1 208,219$
Scenario 10 - Low rise apartment - Class 1 506,969$
Scenario 11 - High rise apartment - Class 1 1,231,211$
$1,400,000 ~--
$1 ,200,000 +--$1,000,000
S8OO,OOO fs=.= +--$400,000 +--
Delta Total Taxes
Colliers "<l '""A " O~A '
130
District of North Vancouver
District of North
Vancouver Total
Taxes
Scenario 1 - Old distribution centre 65,000 sq ft - Class 5 184,701$
Scenario 2 - New distribution centre 90,000 sq ft - Class 5 219,697$
Scenario 3 - Cross-dock 45,000 sq ft - Class 5 210,424$
Scenario 4 - Single level multi-tenant flex industrial 90,000 sq ft - Class 5 219,697$
Scenario 4 - Single level multi-tenant flex industrial 90,000 sq ft- Class 6 209,446$
Scenario 5 - Two level multi-tenant flex industrial 158,000 sq ft - Class 5 272,738$
Scenario 5 -Two level multi-tenant flex industrial 158,000 sq ft - Class 6 260,012$
Scenario 6 - Multi level industrial (office 45,000 sq ft / industrial 97,000 sq
ft - Class 5&6 269,305$
Scenario 7 - Office building two level 200,000 sq ft - Class 6 664,908$
Scenario 8 - large format retail 65,000 sq ft - Class 6 259,314$
Scenario 9 - Townhouse development - Class 1 305,681$
Scenario 10 - Low rise apartment - Class 1 702,715$
Scenario 11 - High rise apartment - Class 1 1,714,625$
$2,000,000
$1,800,000
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
S6OO,ooo $400,000
$100,000
~
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North Vancouver Total Taxes
131
Overall Conclusions for Industrial Land Scenarios
Scenarios 1 4 demonstrate the variety of considerations in taxation for industrial buildings. The general
conclusion that can be drawn is that the highest taxes are for new improvements that have a high density.
However, older buildings with excess land considerations potentially can pay a similar taxation on a per square
foot basis. Older buildings with a high site coverage tend to generate the lowest taxation, simply because the
assessed values are not high enough to compete with newer developments and without an excess land
component do not achieve high values.
Scenario 5 and 6, as exercises, demonstrate how greater density, achieved through multi-level construction, can
create value that is proportionally greater than current value generated by single level industrial improvements.
However, such developments are highly uncommon in Metro Vancouver and are costly to build.
Of the various scenarios studied, Scenario 7 (Office Building Park) yields the highest tax revenue. Despite most
office buildings being constructed on small parcels with high density, the market does not adjust for two storey
buildings. As density around sky train stations increases, and office developments continue to be constructed
around them, the assessed values of business parks located away from sky train nodes will not increase in value
as quickly. This situation may cause the tax revenue generated by business parks to erode over the coming
years.
Retail developments of Scenario 8 yield a high taxation due to the high value per square foot and the commercial
millage rate. Developments which are able to provide underground, or rooftop parking would pay even greater
taxes. Colliers International forecasts greater demand for such projects as populations in the various
municipalities continue to increase and therefore require more retail developments.
Although residential developments can be built to high densities and are in high demand, they do not provide the
same taxation as commercial properties, primarily due to the low mill rates. Unless a residential project is built to
an FSR greater than 3.5, office and retail uses yield higher tax taxation.
132
Areas for Further Investigation In the scope of this report, Colliers International was asked to propose options to encourage more actively farmed
land in the Agricultural eas, which
are strategies in Metro Vancouver 2040: Shaping our Future, the regional growth strategy. In consultation with
Lawson Lundell LLP, we suggest the following, some requiring legislative or regulatory change, as options
warranting further investigation:
Encouraging Active ALR Land Use: Goals:
o To provide an incentive to encourage more actively farmed land and intensive farming of ALR
lands, and
o To provide a disincentive to not use ALR lands for non-farm residential use.
Intensified Farming Use Incentives:
o There are two existing mechanisms for municipalities to use property tax rates to create an
incentive for more intensive agricultural use of ALR lands:
The first mechanism is the power under section 397(3) of the Community Charter to
set different rates for different property classes:
The ALR land that meets the threshold for Farm Class (Class 9) use receives
Class 9 rates. ALR land that does not meet the threshold is assigned the rate
of a different class. Municipalities can both:
o Seek to increase the active-farming threshold for ALR lands to meet
the Class 9 criteria. To lessen the chance of disqualifying legitimate
farmers from Farm Class rates in difficult years, municipalities could
use a production averaging system (eg. averaging production over 3
to 5 years), akin to City of
would require amending the Farm Class Regulation, and
o Decrease Class 9 rates relative to rates for non-Class 9 property.
The second mechanism is the power under section 379(3)(b) of the Community
Charter to set different property tax rates within a property class, for revenue to be
raised for different purposes, so long as the relationships between the different
property class rates are the same for all purposes:
Municipalities can use this power to create further incentive for more
easing with increasing farming
intensity which can be measured by quotas of production per acre.
133
o A third mechanism (requiring legislative and/or regulatory change) to encourage long-term ALR
perty transfer tax incentives
enjoyed by a land owner over a period of years, if the owner takes the land out of active farming
use or excludes it from the ALR. This could be modelled on the existing retroactive application
of property taxes to Class 7 Managed Forest lands when purchased or used for non-forestry
uses.
Subdivision Policy:
o Municipalities could look to property transfer tax exemptions, property tax exemptions and
property tax rate incentives to discourage subdivision of ALR land for non-farm residential use
and instead encourage consolidation of ALR parcels for larger and intensified farming.
o For the most part, this would require legislative and/or regulatory change.
Encouraging Densification of Industrial Areas
Goals:
o To provide an incentive to intensify industrial use of industrial lands
Intensified Industrial Use Incentives:
o Property Tax-Related Incentives:
As set out earlier, municipalities have two existing tax rate incentive powers to
encourage intensified industrial uses:
Setting lower tax rates for Class 5 Light Industry, the predominant tax class
for industrial use in Metro Vancouver, and
Using Partnership Agreements as set out in the Community Charter section
225, set scale property tax exemptions within Class 5 to
encourage intensified industrial use. The intent of a tiered/sliding scale is to
provide greater tax exemption based on a property s density. Providing tax
incentives based on the density of a development will encourage higher
density, and the partnership agreement on a property by property basis
ensures that it aligns with municipal goals.
A third option which would require regulatory change is expansion of the scope of
industry that qualifies for Class 5. Expansion of the scope of Class 5 to specifically
include additional accessory, which typically occupy less space, would attract through
tax incentives a new range of uses to existing urban industrial lands like Mount
Pleasant and suburban industrial parks.
o Planning Incentives:
Reducing building setback requirements, particularly within industrially zoned areas (as
contrasted to industrial zones bordering non-industrial zones).
134
Facilitating multi-story
the ground floor, but permitting both traditional industrial uses and new industrial uses
or accessory uses on upper floors to encourage more economic activity and
employment in these areas.
Exempting underground space from counting towards permitted density.
Generally restricting residential uses near industrial uses.
Incorporation where appropriate of low impact industrial activities within mixed-use
buildings in non-industrial areas.
Facilitate traditional industrial uses, by encouraging where appropriate, district energy
facilities that make use of waste stream-energy resources.
converted to new higher density industrial uses.
Encouraging specialization such as technology, science and eco-parks and link with
academic institutions.
development approvals and business permits / licenses etc.
Encouraging flexible space designs to allow for a wide variety of industrial-related
uses.
Encouraging the redevelopment of existing industrial lands with outmoded facilities by
increasing permitted density.
Ensuring municipal services (water, sewer etc.) are there to facilitate higher density.
135
Contingent and Limiting Conditions
1. This report has been prepared at the request of Metro Vancouver Planning, Policy, and Environment
Department for the purpose of providing an estimate of property taxation for various scenarios. It is not
reasonable for any person other than those within the organization or those to whom this report is
addressed to rely upon this report without first obtaining written authorization from Metro Vancouver
Planning, Policy, and Environment Department and the author of this report. This report has been
prepared on the assumption that no other person will rely on it for any other purpose and all liability to all
such persons is denied.
2. The estimate of value contained in this report is founded upon a thorough and diligent examination and
analysis of information gathered and obtained from numerous sources. Certain information has been
accepted at face value, especially if there was no reason to doubt its accuracy. Other empirical data
required interpretative analysis pursuant to the objective of this appraisal. Certain inquiries were outside
the scope of this mandate. For these reasons, the analyses, opinions and conclusions contained in this
report are subject to the following Contingent and Limiting conditions.
3. The author of this report is not qualified to comment on environmental issues that may affect the market
value of specific properties under certain scenarios, including but not limited to pollution or contamination
of land, buildings, water, groundwater or air.
4. Property value has been generated on the basis that the real estate is free and clear of all value
influencing encumbrances, encroachments, restrictions or covenants except as may be noted in this
report and that there are no pledges, charges, liens or special assessments outstanding a proposed
property other than as stated and described herein.
5. The data and statistical information contained herein were gathered from reliable sources and are
believed to be correct. However, these data are not guaranteed for accuracy, even though every attempt
has been made to verify the authenticity of this information as much as possible.
6. Should the author of this report be required to give testimony or appear in court or at any administrative
proceeding relating to this report, prior arrangements shall be made beforehand, including provisions for
additional compensation to permit adequate time for preparation and for any appearances that may be
required. However, neither this, nor any other of these assumptions or limiting conditions, is an attempt to
limit the use that might be made of this report should it properly become evidence in a judicial proceeding.
In such a case, it is acknowledged that it is the judicial body which will decide the use of this report which
best serves the administration of justice.
7. Because market conditions, including economic, social and political factors, change rapidly and, on
occasion, without notice or warning, the estimate of market value expressed herein, as of the effective
136
date of this appraisal, cannot necessarily be relied upon as of any other date without subsequent advice of
the author of this report.
8. The values expressed herein are in Canadian dollars.
9. This report is only valid if it bears the original signature(s) of the author(s).
10. These Contingent and Limiting Conditions shall be read with all changes in number and gender as may be
appropriate or required by the context or by the particulars of this mandate.