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Assessment and Taxation

Property Classifications

The classification of property is categorization of property to determine what percentage of the market value assessment the municipality will tax. The Municipal Assessment Act by way of regulation sets out prescribed classes of property. These classes of property are based on type, use, size and ownership of land or buildings, or any one or more of them. There are ten classifications in total, and in accordance with The Municipal Assessment Act, the assessor determines which classification applies to your property based on provincial legislation:

10 Residential 1: 1-4 dwelling units per building
20 Residential 2: 5 or more dwelling units per building
30 Farm Property (Current Value Assessment)
31 Farm Property (Farm Use Value)
3* Farm Property - Current Value Assessment - For information only when Class 31 is displayed
40 Institutional
41 Designated Higher Education Property
51 Pipeline
52 Railway
60 Other
70 Designated Recreational Property
80 Residential 3- Owner Occupied Condominium and Co-operative Housing

Each class is assigned a percentage; the percentages of assessed value that apply to each class of property determine its portioned value.  This portioned value is what is used for taxation purposes.

Each classification is taxed at a different percentage of its market value assessment.  For example, all residential dwelling units pay taxes on 45% of their market value assessment. Some property types pay taxes on as much as 65% of their market value assessment.

Last update: July 17, 2014

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