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Supplemental Taxes / Assessments
Supplemental Taxes
Annual Tax/Assessment notices are issued in June and are t
Supplemental Tax/Assessment notices are issued to all new homes, buildings or additions to an existing building or property that have been completed/occupied within the current tax year. This reflects the increase in value of a property throughout the calendar tax year.
A supplementary tax is determined by multiplying the supplementary assessment by the tax rate, and pro-rating this amount based on the period of time the building has been completed or occupied for the current tax year.
A property may have been assessed as vacant land for the current tax year. Therefore, when the construction of the home was fully completed later in the year, a supplemental tax notice is prepared for the months of completion to the end of December.
Example:
- 2019 assessment = 216,920.00 (assessed as vacant land as of Dec.31/18)
- February 2020 - construction on the home began.
- June 2020 Tax notice = $1,623.53 (taxes based on the vacant land assessment)
- September 2020 - house is completed and owners have moved in
- November 2020 - Supplemental Tax notice issued:
- Supplemental Assessment value = 216,140.00 x (0.007484459) =$1,617.69
Supplemental assessments ensure that everyone pays their fair share of municipal taxes according to the current value of their property and the municipal services that they are receiving.