Understanding property taxes
Property tax year - January 1 - December 31. Taxes are due the last business day of June in the current year.
Provincial legislation requires that an annual market value assessment be prepared for all properties. Budgets are also determined every year for municipal, library, Heartland Housing Foundation and education.
Property assessment - market value (per July 1, of the year preceding the tax year). Condition date (per December 31 of the year preceding the tax year).
Budget - the property tax revenue required to pay for programs and services.
Tax rate - the property tax revenue requirements divided by total county assessment.
Per property share of tax - each property assessment multiplied by tax rate.
A Property's share of tax changes each year, for a combination of two reasons:
- There is a change in annual budget requirements for municipal operating, library operating, Heartland Housing Foundation requisition and education requisition.
- 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 3.0 per cent (July 1, 2012 to July 1, 2013).
If your residential assessment increased more than 3.0 per cent, you will generally have a total 2014 tax increase greater than the average.