All you need to know about property AssessmentOctober 1, 2019 Tags: assessments roll, Courtier immobilier, immobilier, market, Montréal, Real Estate, Real Estate agent
If you own residential property in Montreal, your new three-year assessment roll for 2020-2021-2022 will be arriving this fall. It will take effect on January 1, 2020.
What is property assessment?
Property assessment rolls are inventories of the property in a given area to show what each one is actually worth.
Property assessment rolls are updated every three years to keep up with changes in the market. The City bases its assessment on the market conditions 18 months before the new roll takes effect: the assessments in the January 2020 roll are based on market values as at July 1, 2018. Other factors are taken into account, such as the location, the age of the building, its size, lot size, build quality, and any renovations that have been done since the last time it was assessed.
You’ll find the following information on your assessment roll: your name, the complete address of your building, what kind of building it is (house, condo, commercial property, or revenue property), the year it was built, and the value of the building and lot.
What effects does it have on the owners?
The assessments are used to set your taxes. However, even if on average the increase in home values is about 13%, your taxes should not be subject to such an increase. In fact, a recent article in the newspaper Métro does suggest that any tax increases should be moderate: ‘’The City expects to track the inflation rate,” says the Métro article, “aiming for an overall 2% increase from residential property and 1.5% from nonresidential property. The nonresidential category includes institutions, shopping centres, and office towers.”
How do you contest it?
If you think your property has been overvalued, you’re entitled to contest the new value. To do so, your review application must be sent to the property assessment department by April 30 after the new assessment roll takes effect.
Any questions? Email our team at firstname.lastname@example.org.
Watch the City of Montreal’s information video (in French):