Property assessment does not equal property tax and the assessed value of your property is only one element that goes into calculating your taxes. If the value of your home goes up this does not necessarily mean your property taxes are going to go up.
The assessor's role in determining assessed value for properties is just the first part of a process established by provincial legislation. The second part is application of provincial government established policy, such as property classes and percentage of value, and statutory exemptions. The third and final part of the process involves City Council annually determining the mill rate and base taxes, based on budget needs. The Province sets the mill rate for the education sector. The City then multiplies the taxable assessment by the total mill rate to produce the property tax levies (your property tax bill).
| ASSESSED VALUE
||PERCENTAGE OF VALUE
The majority of residential properties will see minor taxation changes as a result of the reassessment. Overall, taxes collected by the city will remain similar to last year.
The 2017 Notice of Assessment will be mailed early in 2017. The Notice will indicate the new assessed value of your property.
- By provincial legislation, the value of every property in the province must be updated every four years using only mass appraisal;
- All property must be assessed as of the applicable base date;
- The dominant and controlling factor in the assessment of property is equity;
- The 2017 Reassessment reflects typical market conditions as of January 1, 2015;
Reassessment Key Dates:
- February 2017 - Assessment Notices mailed;
- April 2017 - Final date to file an Assessment Appeal (Date will be on your Notice)
- Spring 2017 - Council establishes 2017 Tax Policy which identifies the City mill rates, and education rates are determined by the province;
- May 2017 - Tax bills are sent to all property owners.
The assessed value of your property is only one of the factors in the formula used to determine your taxes. The mill rate, provincial education portion and the assessment value all go into the mix to determine your actual 2017 tax bill.