Tax assessment notices to arrive in mailboxes this week
Tax assessment notices are in the mail and could arrive later this week, the city’s corporate services department announced Monday.
That comprises one half of the property tax equation, along with tax rates that will be set in April, to determine final tax bills.
Early indications to council this month from administrators stated that a general increase of 4.3 per cent would be required in tax revenue to raise the $89 million required in the 2024 city budget.
That is about $4.4 million more than 2023.
At the same Feb. 8 committee meeting, assessment office staff outlined that the average single-family home tax assessment rose by 2.8 per cent considering property value and condition.
Condo assessments rose 2.3 per cent, while triplex and fourplex values rose by 6 per cent.
Non-residential properties rose by 2.6 per cent on average, and industrial properties, 2.3 per cent.
A map of the city that outlines regional assessment value changes shows most residential areas of the city saw values rise between 1 and 4 per cent, with only a few outliers.
Three areas that saw physical reassessment inspections in 2023 — generally Kingsway Avenue, Industrial Avenue and a small portion of northwest Crescent Heights — saw increases between 5.3 and 7.7 per cent, respectively.
Residential properties between a portion of TransCanada Way and Dunmore Road were the only zone showing a decrease, 0.9 per cent.
Two weeks ago council committee heard that for the first time the cumulative assessment value of all properties in the city had topped $10 billion.
Once the assessment roll is finalized, council will finalize a mill-rate in April and tax notices, complete with amounts owed, will be mailed on May 21.
Taxes are due on June 28 this year.