The real estate assessment of houses and condos in Montreal is likely to “increase a lot” in the new role which will be published this year, a consequence of the real estate explosion, according to the City of Montreal.
Posted at 3:48 p.m.
On the other hand, the effects of the pandemic could slow the increase in the value of certain large buildings in downtown Montreal, or even cause it to level off.
This is the analysis of Bernard Côté, who heads the property assessment service of the metropolis. He appeared Thursday before the Finance Commission of the City of Montreal.
Mr. Côté has agreed to give elected municipal officials a preview of what the next 2023-2024-2025 assessment roll for the City of Montreal will look like, which is due later this year.
“It is clear that it is a role which is – for the residential sector – up to 30% [d’augmentation]. It will vary from one district to another, from one city [liée] to another, as always,” said the municipal official. This rapid increase is linked to the boom in the Montreal real estate market in recent years.
“But there is a good difference between the residential base and the commercial base,” he added.
“We understand that there are industries that have been hit much harder by the pandemic that we have known since 2020, he said. If only travel, hospitality or office buildings are a bit emptier. There are going to be much lower increases, even value caps in some subcategories. ”
The assessment roll is the cornerstone of municipal taxation: it is the value on which the City bases itself to tax its residents.