NO ONE LIKES TAXES, and no one looks forward to being the bearer of bad news, but it’s our job to prepare you for what’s around the corner. Begin to budget for the upcoming tax increase in January, a tip from your neighbourly real estate brokers.
The property assessment roll is drawn up every three years and consists of establishing a property value for all buildings on the territory.
This is the basic tool for calculating municipal and school taxes (not to be mistaken with appraising a property’s market value with intent to sell).
On average, the city’s property values have increased 32.4%, a hefty rise that last compares to 2007’s 38.6% uptick.
The increase is broken down into the following categories;
– residential at 35.5% (single family homes at 38.6%, condos at 30.7%)
– non-residential at 23%
– vacant lots at 42.8%.
The previous roll was completed on July 1st, 2018, and the latest values refer to July 1st, 2021.
The impact of the new roll on homeowners’ tax bills will be known with the filing of the city’s 2023 budget later this year. Tax changes will occur as of January 1st, 2023.
At this moment, you can view your most recent municipal evaluation at:
Let’s hope that the city’s policy makers take into consideration the current inflation/affordability issues and decide to ease up on the multiplier.
More details to come!