What is a general assessment (general reassessment)?
A general reassessment is when the City checks the value of everyone’s property. The Province requires the City to do this every four years and base it on “current market value”. Why does the City do regular reassessments? Having your property regularly reassessed means its assessment reflects its recent market value. So, if your property’s value rises or drops, so will your assessment. Before the Province changed its assessment legislation in 1990, the City seldom did reassessments so property values changed, but assessments did not. The meant properties which no longer had high values still had high assessments, while those which had become more valuable still had comparatively low assessments and therefore paid lower taxes. When can I expect to receive my 2010 Property Assessment Notice? The 2010 Property Assessment Notice will be mailed on Friday, June 5, 2009. Preview Program: Preview Letters The Assessment and Taxation Department is required by law to reassess the value of all pr
