Richmond Property Tax 2026 — Mill Rate 3.538 (0.3538%)

What is Richmond's 2026 property tax rate?

Richmond's 2026 residential mill rate is 3.538 mills, i.e. $3.538 of tax per $1,000 of assessed value (0.3538%, or 0.00353838 as a decimal). On a $1,400,000 home this works out to $4,954 per year, or roughly $413 per month if your lender holds the tax in escrow. Source: https://www.richmond.ca/__shared/assets/taxrates202678931.pdf, last verified 2026-09-27.

When are Richmond property taxes due?

Richmond's 2026 property tax notice was due July 2, 2026. A 5% penalty applies to any unpaid balance after July 2, 2026; a further 5% penalty applies to any balance still outstanding after the September 1, 2026 second due date. Tax deferment applications and Home Owner Grant claims are also due July 2, 2026. Source: https://www.richmond.ca/city-hall/finance/rates/duedates-taxes.htm, last verified 2026-08-27. Most lenders collect property tax monthly through PITI escrow rather than waiting for the city's due date.

How is my Richmond home assessed?

Your tax is calculated as assessed value × mill rate, not market value × mill rate. British Columbia uses a public assessment authority (BC Assessment, MPAC in Ontario, etc.) to set assessed values, usually updated every 1-4 years. Assessed value typically lags market value, so the same mill rate produces different effective burdens depending on assessment cycle timing.

Are Richmond property taxes deductible on my income tax return?

Property tax on your principal residence is NOT deductible federally or provincially. It only becomes deductible when the property generates rental income (line 9180 on T776) or self-employed business income (CCA / business-use-of-home on T2125). For a principal residence, the tax is a non-deductible cost of ownership.

Why does Richmond's mill rate differ from neighbouring cities?

Each Canadian municipality sets its own residential mill rate to fund local services — police, fire, transit, parks, road maintenance — plus a provincially-set education portion. Cities with higher assessed values can raise the same revenue at a lower mill rate (Vancouver, Toronto), while cities with lower assessed values often need higher rates to fund equivalent services. Compare Richmond with other British Columbia cities in the table above.