St. John's homeowners get property assessments
Residential and commercial property assessments in St. John's are being mailed out to property owners this week.
The 2016 assessment is based on the 2014 market year and will be used to determine property tax for the next three years, said a city news release Thursday.
The assessed value of a property is based on market prices and analysis, how much homes are selling for in a neighbourhood based on prices from the Multiple Listing Service (MLS), physical evaluations, building permits and major renovations, and photography of the area and property being assessed.
Bills in January
The last time values were assessed was in 2011.
Property owners can appeal, if they feel the 2016 assessments are unfair.
Property tax will be determined in mid-December, after council approves the 2016 mil rate during the budget process, and owners will get their bill in January.
