2018 Property Assessments Issued

Every property owner in Winnipeg will receive a 2018 Property Assessment Notice in June, 2017.  Below are some commonly asked questions regarding the assessments:

What is a general assessment?   The Province of Manitoba’s Municipal Assessment Act requires the City to update the market value of all properties in Winnipeg every two years using market values as at a specified reference date.

What is the Reference Date?   The 2018 General Assessment is based on a reference date of April 1, 2016.  This means that the values produced for the 2018 General Assessment are based on the value as if the property were sold on April 1, 2016.

 What is the average assessment (market value) increase for 2018?  The average city-wide assessment increase for all properties is about 5%.  While this is the average increase, the real estate market will have affected each property differently, with some properties increasing in value above, at or below the 5% city-wide average.

When will property owners be taxed based on the 2018 value?  The 2018 General Assessment roll will not be used for taxation purposes until 2018.  As in past general assessments, the formal assessment notices are issued well in advance to ensure that the first level of appeals (i.e. Board of Revision) have been heard before the tax bills are calculated based on the revised values.

How will property taxes be affected based on the new assessments?  It is too soon to determine. The 2018 assessments will not be used for taxation purposes until the 2018 tax year.  This is when City Council, the various school divisions, and the Province of Manitoba (Education Support Levy) set their various budgets and resulting tax rates are calculated.  In general, the extent to which individual property taxes will be impacted by the 2018 General Assessment will depend on how much the property value changed in relation to the 5% city-wide average.   PLEASE NOTE: It is important to remember that an increase in the market value of a specific property does not necessarily result in a proportionate increase in the level of property taxes.

What is the appeal deadline date?  Property owners may file an appeal with the Board of Revision, and the deadline for filing an appeal is June 26, 2017.  You can either submit an application on-line or download an application form.  For more information on the appeal process, visit Board of Revision website.

Where can I find additional information?

 

 

twitter:  http://janicelukes.ca/?p=9341