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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 - property tax revenue is required to pay for municipal programs and services. Budgets are also determined every year for library, Heartland Housing Foundation and education.

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 operating, library operating, Heartland Housing Foundation requisition and education requisition.
  2. A particular property assessment (market value) changed more or less than the average. In the case of residential properties, average residential market values increased by approximately 1.5 per cent (July 1, 2014 to July 1, 2015). If your residential assessment increased more than 1.5 per cent, you will generally have a total 2016 tax increase greater than the average.

More information:

Last updated: Tuesday, October 18, 2016
Page ID: 37819