In its budget, Village Council approves the amount of money required to support Village services and programs. From this amount sources of revenue other than property taxes, such as provincial grants, license fees, and user fees, are subtracted. The balance is the amount to be raised from property taxes. Then the assessed property values, as compared to other homes at the same date each year (July 1), are used to determine each property owner’s share of the total property tax revenue required.
Overall market value changes of properties do not affect the total revenue your Village collects from property tax. Your Village only collects enough taxes to realize the revenue required in the budget.
Your Village does not get less tax revenue when total property values decrease. Nor does your Village get more property tax revenue when the overall property values increase.