The strength of the real estate market will have an upward effect on the property value of residential buildings in Montreal, warns Bernard Côté, director of the Property Assessment Service in anticipation of the filing, later this year, of the new roll for the island. from Montreal.
Before the Finance Committee on Thursday, Mr. Côté reported on the trends observed in the real estate market and their impact on the future assessment roll.
“It’s clear that this is a role that, for the residential, is up to somewhere like 30%. It will vary from one borough to another and from one city to another, as always, but it is certain that this is a role that shows fairly high increases, ”said Bernard Côté.
While the residential sector is booming, certain categories of commercial buildings, such as the hotel sector and several office buildings, have suffered from the pandemic. “People should expect there to be much lower increases, even value caps in some subcategories,” the official explained.
Filed every three years, the property assessment roll serves as the basis for calculating the imposition of taxes on property owners on the Island of Montreal.
In 2019, the average increase in the value of buildings in Montreal and the 15 related cities had reached 13.7%. The highest increases in values were observed in Verdun, Le Sud-Ouest and Plateau-Mont-Royal.
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