Richmond Property Tax 2026 — Mill Rate 0.3194%
British Columbia · annual residential property tax · municipal levy (separate from CRA income tax)
Quick answer — annual property tax on a $1,400,000 home
$4,471 /year
≈ $373/month escrow · mill rate 0.3194%
A Metro Vancouver city home to YVR airport. Richmond workers pay BC provincial tax plus federal tax, with no city income-tax layer.
Annual property tax by home value in Richmond
| Home value | Annual tax | Monthly escrow |
|---|---|---|
| $500,000 | $1,597 | $133 |
| $750,000 | $2,395 | $200 |
| $1,000,000 | $3,194 | $266 |
| $1,500,000 | $4,791 | $399 |
| $2,000,000 | $6,387 | $532 |
| $3,000,000 | $9,581 | $798 |
Compare with other British Columbia cities
Annual tax shown for a $1,000,000 home, sorted lowest to highest mill rate.
| City | Mill rate | Tax on $1M home |
|---|---|---|
| Burnaby | 0.2978% | $2,978 |
| Surrey | 0.3108% | $3,108 |
| Vancouver | 0.3115% | $3,115 |
| Coquitlam | 0.3450% | $3,450 |
| Abbotsford | 0.4500% | $4,500 |
| Victoria | 0.4600% | $4,600 |
| Kelowna | 0.5150% | $5,150 |
| Nanaimo | 0.5550% | $5,550 |
Related calculators for Richmond
Buying in Richmond? Use the Land Transfer Tax calculator for the one-time purchase tax. Comparing salaries? Check Richmond take-home pay. Or browse all city property tax pages.
Note: Source year 2025 final; Class 1 residential.
Frequently asked questions
What is Richmond's 2026 property tax rate?
Richmond's 2026 residential mill rate is 0.3194% (0.00319370 as a decimal). On a $1,400,000 home this works out to $4,471 per year, or roughly $373 per month if your lender holds the tax in escrow. Source: https://www.richmond.ca/cityhall/finance/taxes/rates.htm, last verified 2026-04-29.
When are Richmond property taxes due?
Richmond bills property taxes annually, typically with two or four installments through the year. Exact due dates vary by city — check https://www.richmond.ca/cityhall/finance/taxes/rates.htm for the current schedule. Most lenders collect property tax monthly through PITI escrow rather than waiting for the city's lump-sum 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.
Source: https://www.richmond.ca/cityhall/finance/taxes/rates.htm · Last verified 2026-04-29