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Understanding property taxes

Property assessment - the process of placing a dollar value on property for taxation purposes. Provincial legislation requires that an annual market value assessment be prepared for all properties (the valuation date is July 1, of the year preceding the tax year) and that the condition of the property be recorded (the condition date is December 31 of the year preceding the tax year).

Property taxation - the process of calculating a tax by multiplying the assessment by a tax rate. 

Property tax year - January 1 - December 31. Taxes are due the last business day of June in the current year. 

Budget - the annual calculation of income and expenditures determines the property tax revenue required to pay for municipal programs and services, as well as library and Heartland Housing Foundation. 

Tax rate - calculated based on the amount of property tax revenue that is required to support municipal operations (the property tax revenue requirement divided by total County assessment).

Per property share of tax - each property assessment multiplied by a tax rate. A property's share of tax changes each year, for a combination of two reasons:

  1. There is a change in annual budget requirements for municipal, library, Heartland Housing Foundation or the Provincial Education requisition.
  2. A particular property assessment (market value) changed more or less than the average. Average residential market values decreased by approximately 3.5 per cent (July 1, 2015 to July 1, 2016). Properties may see a decrease more or less than the average, depending on how their property assessment changed relative to the average.

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Last updated: Friday, May 19, 2017
Page ID: 37819