The final tax rates will be known by late spring after the budget is approved. A. Provincial assessors determine current assessed values. The value is the assessor's best estimate of what the property would have sold for on the open market at a specific time. Current value assessments will be updated regularly over time. A number of factors are used to determine the current assessed value of a residential property including location, the size and quality of the house, age, lot size and improvements such as garages, pools or finished basements.
Assessors look at records of property sales by neighborhood to help determine current values.
Your old assessment is outdated, with many assessments dating back to 1940s values. New assessments are based on the amount a property would have sold on June 30, 1996. This doesn't mean your taxes have increased by this amount. The appeal period will be lengthened up to 90 days after the assessment roll is given to the municipality. In 1999, the appeal deadline is March 31st of each year.