The new rolls presented on Wednesday by the assessor for the City of Montreal and director of the Property Assessment Service, Bernard Côté, will come into effect as of the 1er January 2023 and will serve as the basis for the property assessment and the setting of taxes for the next three fiscal years, i.e. 2023, 2024 and 2025.
According to the data presented this morning, the total value of the buildings and land of the 502,789 assessment units listed on the rolls of the Montreal agglomeration today reached $526.3 billion, or $141.8 billion in more than in previous roles where it was $384.5 billion.
This strong growth in property value stems, according to the City, from
the combined effect of adding new buildings or improvements to existing buildings and market valuation between July 1, 2018 and July 1, 2021.
Anticipated increase in tax bills
While such an increase in the value of properties in Montreal makes some people happy, it is far from good news for many other owners whose tax bills are calculated according to the value of their property and the land on which she is.
Although the City has several tools to mitigate the impact of property value on the calculation of tax bills, increases are certainly to be expected for the majority of property owners in the Montréal agglomeration.
During the last deposit of the property rolls, Mayor Plante reassured taxpayers by assuring them that taxes would not increase beyond inflation. But with an inflation rate that was close to 8% last July, the municipal administration will have to be creative this year to contain the increase in tax bills within a reasonable range.
It is during the tabling of the budget of the Plante administration, this fall, that the tax measures, the tax rates and the variation in municipal taxes will be announced.
Let’s take a closer look at the increase in property values in the 16 municipalities that make up the Montreal agglomeration.
Dramatic increase in the value of industrial buildings
At the top of the list, industrial buildings have seen the greatest increase in their property value with an average appreciation of 60.5% in their value since the last property rolls from 2020 to 2022.
In the residential sector, buildings with five or fewer units experienced the strongest increase, with an average jump of 35.6% in their value.
Buildings with six or more units have seen their value increase by an average of 32.4% since the last assessment rolls from 2020 to 2022.
It goes without saying that the property value of buildings varies according to the boroughs in which they are located.
Overall, it is in Montreal-East that land ownership has increased the most with an average increase of 52.5% in their estimated value, in particular due to the high presence of industrial buildings on its territory, specifies the city assessor.
Then come the sectors of Senneville (+45.9%) and Dollard-des-Ormeaux (+45.1%), which complete the top three increases in property value.
The Montreal West, Ste-Anne-de-Bellevue and Baie-d’Urfé sectors all posted increases of over 40%.
In the City of Montreal as such, the boroughs of Lachine (+42.6%), Pierrefonds-Roxboro (+40.8%) and Saint-Laurent (39%) experienced the greatest increases. of their land roles.
Most Montreal boroughs posted increases of between 30% and 35% except Ville-Marie (+15.7%) due to the high proportion of commercial and office buildings concentrated on its territory and which were strongly affected by the containment measures imposed during the pandemic and the development of telework which have reduced traffic in the city center.
More details will follow.