Don’t be shocked if you get a tax assessment letter in the mail this week and your property value has jumped.
It doesn’t necessarily mean your property taxes are going up.
The city mailed the second of three batches of preliminary assessment notices this week to about 62,000 homeowners in southwest Winnipeg. The first batch of about 70,000 hit northwest Winnipeg in November, while the final batch of about 76,000 will hit homes east of the Red River next month.
The notices are preliminary estimates of your 2012 assessment, which is the market value of your home, as of April 1, 2010.
“It’s our estimate of what your property would have sold for on that date,” said Nelson Karpa, director of taxation and assessment for the city.
That value will provide the basis for your 2012 property tax bill. This year’s tax bill, which is based on the 2010 assessment (the April 1, 2008 market value) will be mailed in May and will contain the same assessed value as it did last year.
Karpa said the average citywide increase between the 2010 assessment and the preliminary estimate for 2012 is somewhere between 12% and 15% for residential properties.
But that doesn’t mean your property tax bill will climb by that same percentage.
When properties are re-assessed, the city decides how much your taxes will be based on the comparison of your property’s increase to the overall average increase, which includes both residential and commercial properties.
During the 2010 assessment, for example, the average was about 67%, so anyone whose property value grew by more than that ended up paying more on their property tax bill, while anyone whose increase was below that number paid less.
The total property tax revenue — minus new properties — stays the same for the city, which is what is meant when councillors talk about the “property tax freeze.”
Karpa said people shouldn’t fear a jump of more than the 12% or 15% average on their 2012 estimate means an increase, as the commercial properties have not yet been calculated and included in the average. The tax rate will also depend on decisions made by city council, school boards and the provincial government in the coming months.
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