With real estate market booming, Montreal property assessments climb 13.7%
Beaconsfield, Hampstead, Mount Royal, Kirkland and Westmount among those with biggest jumps
Montreal homeowners will see a major increase in their property assessment, propelled by the city's booming real estate market.
On average, residential and non-residential property values are going up 13.7 per cent, the city announced Wednesday.
The new assessments will take effect Jan. 1, 2020 and cover the next three years. The previous average increase, in 2016, was 5.9 per cent.
Property values are used as the basis for calculating property tax. However, an increase in value does not automatically translate into an equivalent increase in property taxes.
Executive committee chair Benoit Dorais said the Plante administration is committed to holding the increase in the residential property tax rate to an average of two per cent. The tax rates will be announced as part of the city budget this fall.
"As with each new property roll, the city will adjust and lower its tax rate so that in the end the tax bill of Montrealers will be close to that of recent years," he said.
Given the rise in home prices, Dorais said affordable housing will be a priority for the Plante administration.
"We want an inclusive and affordable metropolis," he said.
West-end suburbs see big jumps
The value of residential buildings with five or fewer units went up by an average of 13.6 per cent, while that of condominiums increased by 8.7 per cent. Buildings with six units or more climbed 21.7 per cent.
Some of the biggest increases are in the western part of the island. Kirkland, Beaconsfield, Hampstead, Mount Royal and Westmount all had increases averaging more than 20 per cent.
Among boroughs, Verdun, Outremont, Plateau-Mont-Royal and Sud-Ouest had the highest increases
Property assessments can be viewed online at montreal.ca.