Understanding property taxes
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. Both your property assessment and the budget process will affect your annual property tax bill.
For 2013 Tax Year:
Property assessment - Market Value (per July 1, 2012 valuation date)
Budget - property tax revenue required to pay for programs and services
Tax rate - property tax revenue requirements divided by total county assessment
Per property share of tax - each property assessment multiplied by tax rate
Property tax year - January 1 - December 31, taxes are due the last business day of June in the current year.
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 0.5 per cent (July 1, 2011 to July 1, 2012).
If your residential assessment increased, you will generally have a total 2013 tax increase greater than the average.
Last updated: Wednesday, February 13, 2013
Page ID: 3594