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Property Assessments and Property Taxes: A not-so complicated relationship

Property Assessments and Property Taxes: A not-so complicated relationship

A common misconception is that a significant change in your assessed value will result in a proportionately significant change in your property taxes.

The most important factor is not how much your assessed value has changed, but how your assessed value has changed relative to the average change for your property class in your municipality or taxing jurisdiction. You can find your property class on your assessment notice next to your assessed value.

Click here to find the average change for your property class in your jurisdiction.

 

*The diagram above and the scenarios below assume that there are no changes in the budgetary requirements of your taxing authority and/or any other taxing agency.

Example A:  Your property is currently assessed at $540,000, based upon a valuation date of July 1 last year. Your previous assessed value was $450,000. Your property increased 20% in value, while the average increase for your property class was 30%.
Since your property increased LESS THAN the average for your property class, you will likely see a decrease in your property taxes.


Example B:  Conversely, your property is currently assessed at $630,000, based on a valuation date of July 1 last year. Your previous assessed value was $450,000. Your property increased 40% in value, while the average increase for your property class is 30%.
Since your property increased MORE THAN the average, you will likely see an increase in your property taxes.

 

Click to download pdf of the infographic explaination.

The information on this page is for information purposes only. For specific questions about property taxes, please consult your municipality or taxing authority.

Understanding the assessment process

 

The Property Tax Equation
How are assessed value, property tax rate, and property taxes related and what influences your property taxes?

Provincial Property Tax Programs
What you need to know about property Tax Deferment and Home Owner Grant.

Appealing your assessed value

Once property tax rates have been set by your local taxing authority, property owners are unable to appeal the tax rate. Property owners are able to appeal their assessed value, which forms one part of the property tax equation described above, to the Property Assessment Review Panel. The deadline for appealing your assessed value is the last working day in January each year, typically January 31st. You can visit our website to see more information on appealing your assessment.