Like clockwork, I received my property assessment in the mail this week. Every year I have received the assessment, the assessed value has gone up, except for this year. For first time since being a homeowner, I have seen the value of my home go down. According to the province, my home is now worth six percent (6%) less compared to last year.
To go into more detail, the assessments are broken down into buildings and land categories. Each value is summed to give the total assessment value. Interestingly, the value of the building stayed exactly the same but the land was worth 10% less compared to last year. Does this mean land is cheaper to buy now? I’m no real estate expert but I’m guessing yes?
What is also interesting is that my municipality has stated that almost universally, all property assessments went up which makes me lucky or unlucky? Perhaps my property taxes will be lower this year.