Property values on the island of Montreal have jumped by 32.4 per cent according to the assessment roll released by city officials Wednesday.
That’s a massive increase when compared to the 13.7 per cent in the previous assessment for the period of 2020 to 2022. The new rates values will take effect in 2023.
The city says it’s and indication of the real estate boom in the city over the last few years.
“We’ve noticed that it’s the cities of Montreal East, Senneville and Dollard-Des Ormeaux (DDO) that have posted the highest increases,” noted Dominique Ollivier, the city’s executive committee president, at a news conference where the numbers were made public.
The rates: 52.5 per cent for Montreal East, 45.9 per cent for Senneville and 45.1 per cent for Dollard-Des Ormeaux.
For the City of Montreal boroughs the top three increases are Lachine at 42.6 per cent; Pierrefonds-Roxboro at 40.8 per cent; and Saint-Laurent at 39 per cent.
Olivier tried to reassure residents that property taxes won’t increase by 32 per cent.
“It’s important to remember that property assessment is only a factor that we are going to consider in setting the amount of property taxes,” she said.
With inflation at eight per cent, some are raising concerns about property tax hikes, though the city has pledged to keep taxes at or below inflation. Last year the increase was 2 per cent.
“I asked the administration to see where are we going, what’s the percentage they’re providing,” said opposition leader Aref Salem, “but we haven’t heard anything.”
The city of DDO is raising concerns about what the new tax roll will mean for its agglomeration payments, given that its assessment increase of 45 per cent is 13 points above the city’s 32 per cent average.
“That variation means we will be paying a lot larger sum to the agglomeration, for services for which we feel we already pay too much, and we don’t get services in exchange,” Mayor Alex Bottausci said.
The tax rate for 2023 is expected to be made public by the end of November.
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