2026 Property Assessments and What They Mean for Richmond Homeowners

BC Assessment has released the 2026 property assessment notices, and many homeowners across the Lower Mainland, including Richmond, are seeing assessed values come in lower than last year. This reflects a housing market that cooled through the second half of 2024 and into 2025 following several years of unusually strong price growth.

These assessments are based on estimated market value as of July 1, 2025 using sales data from that period. In other words, your assessment represents a snapshot of last summer’s market, not necessarily what your home would sell for today.

It is important to understand that changes in assessed value do not directly determine how much property tax you will pay. Property taxes are influenced by municipal budgets and by how your assessment compares to other properties in the City of Richmond.

Richmond continues to maintain one of the lowest residential property tax rates in the Lower Mainland. For 2025, the residential mill rate was 1.76114 per 1,000 dollars of assessed value. The mill rate is the tax rate applied to your assessed value to calculate your share of the City’s total tax requirement.

BC Assessment sends assessment notices each January. Property tax notices from the City of Richmond are mailed in the last week of May. If you do not receive your tax notice by mid June, it is important to contact the City to avoid missing deadlines.

For 2025, the property tax due date in Richmond was July 2, as July 1 is a statutory holiday. Payments received after the due date are subject to penalty.

Eligible homeowners must also apply for the provincial Home Owner Grant each year. The grant must be claimed online through the Government of British Columbia website by the tax due date. If the Home Owner Grant is not claimed on time, it is treated as unpaid taxes and penalties may apply even if you were otherwise eligible.

For homeowners who qualify, the BC Property Tax Deferment Program can provide meaningful relief. Applications or renewals must also be received by the Province by the property tax due date to avoid penalties. This program is commonly used by seniors families and long term homeowners as part of broader financial planning.

The City of Richmond provides detailed and up to date information on property taxes billing timelines grants and deferment options on its official Property Tax Information page

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What I often see is that assessments tax rates grants and real market value get blended together. An assessment is a reference tool, not a pricing strategy. Market value today depends on recent comparable sales buyer demand property type condition and neighbourhood level trends that may have changed since last summer.

If you have questions about your assessment what it means for your taxes or what your home would realistically sell for in today’s market, I am always happy to help. I regularly review assessments alongside current Richmond sales to give homeowners clear practical guidance.

If you would like an up to date home evaluation or simply want to better understand how your assessment fits into the current market, feel free to reach out anytime. There is no obligation, just straightforward local advice.

Michael Cowling

RE MAX Michael Cowling and Associates Realty