Property assessment information is provided on their web site for property owners to review their assessment and confirm that it is equitable in comparison to similar properties.
A Property Assessment from the city is for “Property/Tax Purposes ONLY”.
It is neither held out as, nor should it be relied upon as being, any kind of definitive value of what your home (OR any home) is worth or likely to sell for in the marketplace. DO NOT be confused (and it’s common for people to be) by this information.
A competent REALTOR® is your best resource for determining a home’s True Market Value when it comes to either listing or buying a property for sale.
An excessively low assessment does not make your home worth any less in True Market Value than an excessively high assessment would make your house worth more. Low assessments are positives remembering they do not necessarily reflect upon what your house would potentially sell for. If a house is worth $500,000.00 in the marketplace but is assessed bureaucratically at $400,000.00, this is a positive to the buyer due to the lower taxes. Excessive assessments can be detrimental and they occur more often than most officials would choose to admit. Prudent home owners should keep an eye on their assessment and that of neighbours having comparably relevant properties.
There is an Appeal Process if you feel your home is assessed too high. Don’t miss the window of opportunity and the timing in which to appeal if you feel an increase is unsubstantiated by truly relevant data and fact. People often assume that a high assessment value means their house must have appreciated to the stated value because it came from the city. People generally don’t appeal because they don’t know they can or when they perhaps should. Others look at it as a hassle to do so when in fact it’s actually rather simple to do so on your own.
A Property Assessment is a mechanism for collecting tax. Do not depend upon it to determine what your home is likely to sell for or what a home you wish to buy is truly worth. Being an imperfect system and single purpose mechanism, such assumptions could be substantially wrong. It’s the current market itself that dictates the True Value of a home and it’s only with an actual sale that its worth (to a particular buyer) is truly identified for that given moment in time. Market conditions and influences constantly change and adjust. Remember that even if your assessment looks proportionately equitable in comparison with your neighbour’s property, it doesn’t mean that is what your house (or their house) would sell for or is ultimately worth. It’s much more complicated than that. Active markets operate in “real time” and speak for themselves. Many should know from either media reports or personal experience that bidding wars are possible in certain markets and scenarios. Many determining factors are at play, most notably supply and demand. It is a REALTOR®, using a plethora of current and historical data resources and information, that has the experience to assess what a property is most likely to sell for in any given market, at any given time.
|Portioned Assessment X Municipal Mill Rate 1000 =||Municipal Taxes|
|Portioned Assessment X Provincial Education Mill Rate 1000 =||Provincial Education Taxes|
|Portioned Assessment X School Division Mill Rate 1000 =||School Division Taxes|
|How is the amount of tax payable determined?||+|
Total Current Taxes