Frequently Asked Questions about Property Taxes & Reassessment
- Will my taxes go up based on my new assessment?
- Which assessment value will I be taxed on for 2009?
- Does an increase in my property assessment mean my taxes will go up?
- When will I receive my annual property tax bill from the City of Kawartha Lakes?
- Who should I contact regarding tax calculations and other taxation concerns?
Not necessarily. Municipal tax rates are set to reflect the updated assessment values. Those properties that received an assessment increase which was approximately the same or less compared to the overall average for that municipality will, in all likelihood, not experience a tax increase as a result of reassessment.
However, if the value increases above that of the average increase in the municipality, in all likelihood, a tax increase will occur due to the reassessment program.
Example: Assuming the average assessment increase in a municipality is 15 per cent, if your property assessment has increased by more than 15 per cent, you may experience an assessment related increase.
Besides the valuation changes occurring from the reassessment program, changes in the municipality’s budget requirements also affect tax rates. However, budget changes are not reflected until the final tax bill is prepared, after municipalities pass their annual budgets
Please note: The Province sets the education tax rate on a provincial basis for residential properties.
The value you will be taxed on will be stated on your Notice of Assessment. The tax year will be in bold.
Using the example in the first question, you will be taxed on $210,000 in 2009, $220,000 in 2010, $230,000 in 2011 and $240,000 in 2012.
Your property tax bill you receive from the municipality will show you the value that is being taxed, which will be the first of the four assessment figures.
An increase in a property assessment does not necessarily mean an increase in municipal property taxes. If the assessed value of a home has increased by the same percentage as the average in the municipality, there might not be an increase in the property taxes paid by the individual property taxpayer.
The revised property assessments may result in a re-distribution of the property taxes among properties and/or tax classes but the City of Kawartha Lakes does not receive any additional tax revenue as a result of property assessment. It is revenue neutral.
The City of Kawartha Lakes will mail out its interim tax bill for 2009 property taxes in either late fall 2008 (for ratepayers on monthly payment schedule) or mid January 2009. Final tax bills for 2009 will be mailed out in early summer 2009.
The City of Kawartha Lakes will mail out its interim tax bill for 2009 property taxes at the end of January 2009. Final tax bills for 2009 will be mailed out at the end of May 2009.
Please contact the City of Kawartha Lakes, Revenue and Taxation Division for more questions or concerns, keeping in mind that actual tax impacts will not be known until the spring of 2009 when the tax rates are set through the tax levy by-laws.