The final property assessment roll, which will be used by municipalities to set 1997 tax rates, will be released in January of 1997. In the future, new assessments will be completed for both residential and commercial properties each year to provide a more accurate reflection of current market trends. In the event property owners have questions about their assessments, they will have an opportunity to review the assessment with a provincial assessor without going through a formal appeal process. The advance notice of assessments also benefits municipalities. It gives municipalities a good idea of what properties in their area are worth so they can better plan for the 1997-98 fiscal year.
Municipalities use assessments to ensure property owners pay their fair share of the property tax.