In British Columbia, the BC Assessment conducts an evaluation of properties all over British Columbia and submits assessed values for each of them yearly. BC Assessment maintains real property assessments in compliance with the Assessment Act which requires that properties be assessed as of July 1 each year. The final property tax amount is calculated by multiplying the municipal final property tax rate for the year by the BC Assessment value. Vancouver has the lowest property tax in Canada as a percentage of assessed value because while property values are extremely high, the city's budget has stayed relatively constant.