Throughout the United States, the repercussions of the pandemic have been felt on real estate markets. And Montreal doesn’t spare by soaring prices. The impacts of this real estate overheating will be felt right up to property appraisal.
In this article, we present the purpose of this municipal assessment. The forecasts of Mr. McMahon, director of the Property Assessment Service.
Property assessment, what is it?
The real estate appraisal makes it possible to make the land inventory of a territory. It is carried out by the municipalities every three years. It is on the basis of the real value of a property. its probable market value. Municipal assessments allow cities to adjust their property taxes.
The information listed on a territory is listed in a document making it possible to describe the physical characteristics and use of each of the buildings, based on unit of assessment. Adjacent buildings of the same owner constitute a single unit of assessment.
Here is the information contained in the document called “Property Assessment Roll”:
- The name of the owner.
- The characteristics of the land (area, zoning, etc.).
- The characteristics of the building (year of construction, number of floors, etc.).
- The value of the land and the building.
- The cadastral lot numbers.
The value determined during the nationwide property and appraisal services is then used as the basis for the calculation of municipal and school taxes. This amount is then multiplied by the tax rates determined by the local municipality and the school board.
The purpose of the property assessment roll is to fairly distribute the tax burden among all property owners. Depending on the municipality, the document may be available online on the city’s website. This is the case for Montreal.
A new role published this year
The new property assessment roll applicable for the years 2023. 2024 and 2025 will be filed this year. It will inevitably be marks by the evolution of the real estate markets over the past three years.
In keeping with the real estate overheating, some houses and condos could see their value jump during this new property assessment. According to forecasts of Mr. McMahon, we can count on a 30% increase. However, the impact will vary from one borough to another.
Unlike the residential sector, which experienced a boom, the pandemic had an adverse effect on commercial real estate, particularly hotels and office buildings. Certain categories of commercial buildings could even experience a cap on their property value.
When the previous property assessment roll was publishes in 2019. the average increase reaches 13.7% in the Montreal agglomeration. The most significant increases notes in the boroughs of Verdun (19.8%). Sud-Ouest (17.1%), Plateau-Mont-Royal (16.7%) and Outremont (16. 3%).
We recently published an article on the evolution of real estate markets in the greater Montreal area during the year 2021. It will give you an idea of the remarkable increase in the market value of properties in certain boroughs. But, overall, every Montrealer should expect an increase in their property taxes.
Land value and market value
In this article, we have told you that the property appraisal. It carries out because of the real value of the buildings. However, we remind you that, given the periodicity of the production of the roll, it is not relevant to refer to the municipal assessment in the event of the sale of your property.
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