Revenue Neutral Property Tax Estimator
With the 2021 Reassessment, all property types will have their assessment values updated to reflect the market value assessment as of January 1, 2019. These updated values will be used to determine your property tax.
What the Tax Estimator Shows You
- Use the Revenue Neutral Property Tax Estimator to show your estimated change in property tax due to the 2021 Reassessment
- The estimated amount shown is your revenue neutral* property tax
- Note that the estimate will not show your final change in tax. Final tax rates that include budget and tax policy changes will be communicated in April 2021
*Revenue Neutral means no additional tax revenue is generated due to changes in property assessments. Revenue neutral is a tax calculation; which means that changes in assessment are offset by changes in the tax rates to ensure the same amount of tax dollars are collected. Budget changes and tax policy decisions will be applied to the revenue neutral tax rates in order to determine the final tax rates used on your Property Tax Notice. The budget increases brought forward by the City and the Province are communicated through the budgetary process – not the reassessment process.
It is common for properties to experience property assessment increases or decreases at different rates due to changes in the market or the economy. There are some properties where Assessed Values will have increased or decreased more than the average within their property tax class; these properties will see tax changes as a result of the 2021 Reassessment.
View the informative short video How Your Property’s Assessed Value is Calculated.
The information you need to use the Revenue Neutral Property Tax Estimator is found on your 2021 Assessment Notice, sample below:
Follow these easy steps to see your estimated change in property tax as a result of the 2021 Reassessment:
- Select your property class / subclass from the dropdown choices, for example —Residential, Commercial, etc
- Enter your property’s previous 2017-2020 Assessed Value
- Then enter your property’s new 2021-2024 Assessed Value
- View your 2021 estimated Property Tax change due to reassessment