Your property assessment is an estimate of the price your property may have sold for on the open market by a willing seller to a willing buyer as of July 1, of the previous year. Assessed values reflect the physical condition of the property as of December 31, of the previous year.
Since 1995, Provincial legislation states that municipalities must use market value assessments to determine each property’s fair share of revenue requirements from property taxes for municipal and provincial education services.
The market value standard has been used around the world since the 1970’s. It is considered to be the most fair, equitable, and transparent manner to distribute property tax revenue requirements.
Market value assessment is a method that reflects the relative economic capacity and ability of property owners to pay taxes.