New Real Estate Assessment Roll and Tax Bill Increase

No. Several Quebec municipalities have recently tabled a new triennial property assessment roll in accordance with the Act respecting municipal taxation. Property owners everywhere have seen their property values increase significantly. For example, the average increase for a single unit dwelling in Sherbrooke is 57.9%. Many property owners are therefore worried that their tax bill will increase by the same amount.

However, there is no direct correlation between the increase in the tax bill and the increase in property value. Only when a municipality adopts its budget and votes on tax rates can the impact of the increase in property values be really known.

When property values increase significantly, municipalities usually carry out a reassessment of rates in order to limit excessive increases. Obviously, the more a property's valuation deviates from the average, the greater the impact on the tax bill.

If you have any questions regarding the real estate assessment roll, contact our real estate team.