Property tax hikes: salty or plain?
La Presse is warning of steep property tax hikes in the next budget, although city executive council chair Dominique Ollivier promises they won’t go higher than inflation.
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Ian 18:37 on 2022-10-07 Permalink
Oh so under 7%. How nice. I wish my pay went up 7% this year (laughs bitterly)
Still I suppose as climate collapse continues apace we will no doubt see single digit inflation as a charming anachronism within the next few decades.
mare 19:12 on 2022-10-07 Permalink
Even if they keep the same mil rate, because of the 30% (or more) increase in property assessments, prop taxes (and rents) will go up steeply in July. At least most people in Montreal don’t heat their house with natural gas like in Europe, where a lot of people are expected to have to choose between buying food, paying rent or heat their space.
Ephraim 10:48 on 2022-10-08 Permalink
The city always makes this claim that property taxes don’t exceed inflation and it’s just that, a game. They increase the mill rate by inflation but property values exceed it and they raise property values as well. So that 7% is just a dream. And business taxes are 5X the residential rate.. in case you are wondering why the corner depanneur and restaurant is having trouble staying alive
steph 11:05 on 2022-10-08 Permalink
They’ll lower the mil rate to offset the huge increase in property values. The overall tax bill should work out to an inflation increase (to match with their inflation increased costs)
dhomas 11:13 on 2022-10-08 Permalink
My property value went up 38% from last year to this year. 7% is a joke.
Ian 15:45 on 2022-10-08 Permalink
Yes, but what happens when there is an inevitable market correction and your property’s potential resale value goes down?
Bryan 17:49 on 2022-10-08 Permalink
@dhomas Do you mean that the property value used as the basis for your property tax bill went up 38% in one year? Or just that your property appreciated 38% from last year? I’ve owned my current place for 5 years now and my property tax bill has barely moved, which does not track at all with the market value of the property.
dhomas 18:27 on 2022-10-08 Permalink
The value of my property, according to the city valuation, has increased by 38% since last year. So, my effective tax increase is more than 7%. They can say that the tax rate is going up by “only” 7%, but compounded with the property value increase, it’s much more.
steph 21:30 on 2022-10-08 Permalink
@dhomas, the tax rate (mil rate) will go down, resulting in a 7% increase
the 2021 rate for montreal was $0,6117 per $100 value tps://portail-m4s.s3.montreal.ca/pdf/2021_taux_taxes_montreal_ang.pdf
The 2022 rate went down to $0,5712 per $100 https://portail-m4s.s3.montreal.ca/pdf/2022_taux_taxes_tableau_ang.pdf
dhomas 03:48 on 2022-10-09 Permalink
Thank you for explaining it so simply, @steph! It seems I may have misinterpreted the article. Thanks for setting me straight! It remains to be seen what the mil rate for 2023 will be.