Determining Your Transitional Assessed Value

Department of Finance


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Determining your transitional assessed value

The Department of Finance phases in changes to the assessed value of Class 2 properties with more than 10 units and Class 4 properties over a five-year period. This means that we apply 20% of the change each year for five years.

In any given year, there are multiple transitions being applied, which results in an actual assessed value and a transitional assessed value for your property. The law requires that we use whichever number is lower — your actual assessed value or transitional assessed value — to determine your property tax bill.

Please note that if you make physical changes to your property, the full value of the improvements is applied — it is not transitioned in.

(Click on the infographic above to enlarge)

Additional information

Determining your market value
Determining your assessed value
Exemptions and abatements