Residential and Commercial Assessments now Available

Beginning November 26, 2018, owners of both residential and commercial properties can access their 2019 assessed values online. Assessments are also being mailed to property owners and should begin arriving this week.

As predicted, residential property values are down slightly overall, with the total residential roll dropping by 4.17 percent. Commercial properties, on the other hand, are up slightly by 1.72 per cent.

Total municipal property values have decreased overall from $15.9 billion to $15.5 billion for 2019.

Assessed values are an important factor in determining individual property tax bills. On December 10, 2018, Council will announce the mill rates for 2019. To determine property tax, the mill rate is applied to the assessed value.

“In September, we anticipated a mill rate increase of between .4 and .6, and we have been working over the past months to identify as many opportunities for savings as possible,” said Councillor Lane. “Based on early predictions and a review of property values, the majority of home owners could have a tax increase of less than $10 a month. The individual impact on commercial property owners is much more varied given the wider nature of properties involved.”