Value assessments for over 43,000 residential and commercial properties in St. John’s are now available.
As the city predicted, residential values are down slightly, dropping by 4.17 per cent since the last assessment in 2016. Commercial properties, meanwhile, saw an increase of 1.72 per cent.
Overall, total properties values have decreased from $15.9 billion to $15.5 for 2019.
“Although the overall trend is down for residential properties and up for commercial, it is important to note that property assessments are a very individual thing and each property owner will need to examine their own assessment. While there can be many reasons for a change in value the goal is to ensure properties are assessed correctly,” councillor Dave Lane, St. John’s city council lead for Finance and Administration, explained in a press release.
In a meeting two weeks from today, council will announce the mills rates for 2019. To determine a property tax, the mill rate is applied to the assessed value of the property.
The city anticipates a mill rate increase of between .4 and .6 per cent.
“Based on early predictions and a review of property values, the majority of home owners could have a tax increase of less than $10 a month,” Lane stated. “The individual impact on commercial property owners is much more varied given the wider nature of properties involved.”
The assessments are available online and are also being mailed to property owners and should begin arriving in mailboxes this week.
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