Property Assessment

Property assessment is the process of applying market value to all properties within the municipality on an annual basis for taxation purposes. Properties are re-assessed annually by assessors who review properties throughout the year. This process is regulated by the provincial government, and uses the market value approach for residential and most commercial property.

Market value assessments are based on market value as of July 1 of the year prior to the taxation year and is defined as the price a property might reasonably sell for after adequate time in an open market. Assessors calculate your assessment by looking at the property characteristics like size, type, location, style, condition, property age, lot size and the selling price of similar neighborhood properties.

Your property assessment is affected by market changes caused by supply and demand. Your assessment will also be influenced by improvements or modifications made to your property.

Assessment notices are mailed out before the tax notices each year, and appear again on your tax notice in May. The assessment notice shows the assessed value of your property, which will be used, in conjunction with the municipal and school tax rates, to calculate your property taxes.