Many Newfoundland and Labrador residents were shocked by new property assessments they received in the mail this week.

Some are up by as much as 40-60 per cent.

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MNL president and Centreville-Wareham-Trinity Mayor Churence Rogers said taxes should not increase at the same rate as property values. (CBC)

A number of municipal mayors met in Gander this week for the annual conference of Municipalities Newfoundland and Labrador (MNL), an organization that represents municipalities across the province.

They say taxes are unlikely to increase at the same rate as property values.

"Obviously we can't pass on a 44-per cent tax increase," said Churence Rogers, president of MNL and mayor of Centreville-Wareham-Trinity.

Grand Falls-Windsor mayor Al Hawkins offered similar assurances, saying, "We're not looking at a cash cow."

"We're not looking at assessments as an opportunity for us to get extra money and so on and so forth."

However, the mayors caution this doesn't mean your property taxes won't go up. If a municipality needs more money to balance its budget, residents may still see a rise.

However, it will probably not mirror the gigantic increase in property assessments.

"I'm a firm believer that these high increases will be dealt with a movement in the mill rate," said Leo Abbass, mayor of Happy Valley-Goose Bay.

Property owners will find out in December exactly what the new tax rates will be.