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Ask the Appraiser?
Assessment
1. On what basis is our assessed value based and how do we ensure that we are not paying in excess of our fair share of municipal taxes?
In this province, assessed values are estimated by assessors every three years and are presently based on estimated market value as of 2002. Every year, taxpayers have the opportunity to appeal the estimated assessed market value on their property when they receive their notice of assessment from the municipality. There is a time limit of 21 days to file a written appeal with the municipality. The tax payer can appeal themselves or appoint a representative to act on their behalf who is knowledgeable with the issues. Notices of assessments usually arrive in the last quarter of the year.
2. We recently received a Notice of Assessment from the city of St. John's. What can we do to ensure we are not paying any more then our fair share of municipal taxes?
The notice of assessment provides the opportunity to ensure you are not paying any more than your fair share of municipal taxes. The assessed value is the assessors opinion of market value for the property. This opinion can be reviewed by appealing and returning it within the 21 days filing period. It is important to remember that it's not what your property is worth today; rather what it was worth in January 2002, the base or effective date of the current municipal assessment. As the type of real estate varies, so do the complexities of the valuations or assessments. The more unique the property, the more difficult it is to estimate market value. There are two components that determine the amount of municipal taxes you pay. The first component is the market value of the property which is estimated by the city's assessment staff. The second component, the mil rate, is established annually by council based on municipal operating budgets. Taxpayers consequently have very little control over the mil rates, except maybe in an election year. It is therefore crucial that you ensure the valuation on the property is accurate. Not only property owners pay municipal taxes. Business occupants or tenants also receive notices of assessments and have the right to appeal. It is recommended that tenants discuss their intent to appeal with their landlords prior to filing.
Municipal taxpayers can appoint a knowledgeable representative to act on their behalf who is familiar with market values and the assessment process in the area. REMOVE THE FOLLOWING: The 21 day appeal deadline, however, is fast approaching. Municipal assessment notices will be forthcoming throughout the remainder of the province in coming weeks.
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