Thursday, May 27, 2021 - 9:15 AM

Top 7 Things You Need to Know About Assessment

illustration shows house multiplied by mil rate plus water tax
If you own property in the City of St. John’s, you will be receiving a new assessment in June.
 
Your assessment provides a market value for your property, as of January 1, 2020 and will be used to calculate your property tax, beginning in 2022.
 
Our webpage includes important details on the assessment process. Here’s an overview of the main things you need to know:
 
Top 7 Things You Need to Know About Your Assessment
  1. We’ve made a change to the assessment cycle. Beginning in 2022, all property assessments will be in effect for two years, rather than three. This change was made by the Provincial Government after a review of the Assessment Act and based on public consultation. The intent was that assessed values would be more reflective of market values as compared to a three-year cycle.
  2. Assessments are based on a single date in time. The assessment you will receive in June uses January 1, 2020 as the base date. The base date represents what the property is worth as of January 1, 2020 - not what the property is worth today.
  3. Market value is the price that would be paid to purchase a property, as of the base date. Market value assumes the property has been marketed for sale in a competitive market with a willing buyer and seller.
  4. Assessments are conducted by professional, skilled and experienced assessors. Their work is governed by the Assessment Act using a mass-appraisal process. This results in assessments that are accurate in comparison to the market standard and uniform in comparison to similar properties.
  5. An increase or decrease in the assessed value of your property may affect the amount you pay in property tax. To determine your property tax, multiply the municipal mi rate by the property assessment and add the water tax fee. The mil rate for 2022 has not yet been set by Council.
  6. Property owners who disagree with their assessment have the right to appeal to the Assessment Review Court. The appeal deadline for 2022 is August 31, 2021.Ensure your appeal includes the grounds for appeal, your contact info and payment. Appeals are offered both in person and virtually.
  7. Many times, a formal appeal can be avoided by discussing concerns with staff. If you have questions about the assessed value of your property or any portion of your assessment notice, contact us at assessment@stjohns.ca or (709) 576-8929 and an assessor will be happy to discuss any questions you have. Please note that reaching out to the Assessment Division does not extent the appeal period.

Top 7 Assessment Infographic