My assessment increased, does this mean my taxes will go up?

Not necessarily. Taxes are calculated using a formula that divides the total tax dollars needed by the total taxable assessment in the municipality. Even though the assessed value of a property increases dramatically, the taxes may not.

In addition, Council can use tax tools such as base taxes and mill rate adjustment factors, which place less emphasis on assessed values when calculating property taxes. Until Council establishes the tax rate bylaw for 2021, it is impossible to predict the exact individual taxes for a property.

Since Council has approved an overall tax increase of 0% for 2021, it is likely that most property owners will see little change overall to their taxes this year.