While Richmond property taxes were set in November by city council, they need final approval before tax notices can be sent out to property owners.
Property taxes in Richmond are set to go up by 5.62 per cent this year, an average increase of $116 per residential property.
This final decision is on the agenda for Monday's finance committee meeting at Richmond City Hall.
The total assessed value for Richmond's residential properties in 2024 is about $105.67 billion.
Municipal taxes to be collected from the residential properties is about $177 million, or 57 per cent of total municipal taxes.
In comparison, businesses and other classes have a total assessed value of $27.81 billion and pay $99.67 million (32.2 per cent) of the city's taxes.
Richmond property tax notices will be issued to owners in late May and taxes are due by Tuesday, July 2.
These can be paid through a financial institution or by credit card using the City of Richmond's website or MyRichmond app.
In-person payment at city hall is also possible by cheque, debit or credit cards. No cash will be accepted.
For property taxes that are not paid in full on time, residents will be charged a penalty of five per cent on their outstanding balance.
Any remaining balance after Sept. 3 will result in an additional five per cent penalty.
Those who are looking to defer their taxes must complete an online deferment application or renewal submission received by the province by July 2 to avoid any penalties.
Property owners can also apply for the Home Owner Grant. The Government of B.C. is now responsible for all homeowner grants claimed in the province.
If eligible, residential property owners must apply annually for their homeowner grant online at www.gov.bc.ca/homeownergrant.
-with files from Maria Rantanen
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