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New Property Owner
Buying a Property
In some cases, when the ownership of a property changes, the assessment will change as well. Some changes may include:
- Sales reviews
- Capped assessment program (CAP)
Sales Reviews
Property assessments are based on true market value. (i.e. what a property is worth on the open market). Information about property sales is a key component used to determine market value.
Information about all property transactions are forwarded to PVSC by the Property Deeds Office and entered into a database used for analysis.
PVSC staff review all sales to determine if they represent true market value “arm’s length” transactions or “non-arm’s length” sales (sales between family members, foreclosure sales and sheriff’s sales). This second type of sale will not be used in analysis.
Next, assessors sort sales into geographic areas called “market neighbourhoods” and then review all “arm’s length” transactions to confirm details of individual sales. They will look at the construction details such as dimensions, bathrooms, number of stories, basement, etc. They look at any additions to the property such as decks, detached garages, swimming pools, paved driveways and they also determine the condition of the property.
As part of this review, an assessor may complete a physical inspection of the property or speak to the new owner to confirm certain details which can result in changes to the account. This is a good opportunity to have the assessor review your account or answer any questions you may have.
Your sale will help to determine future market values for properties in your area and any changes resulting from the sales review will be made to your property record.
Building a Property
Building or renovating an existing structure may affect your property assessment and the amount of property taxes that you pay. This change can occur because:
- The new construction or renovation adds new value to your property
- The new construction or renovation will not be eligible for the Capped Assessment Program (CAP)
New Construction or Renovation
When you decide to build or renovate and you acquire a building permit from your municipality, a copy of the permit information is sent to the PVSC. Assessors are then assigned to review these building permits.
Assessors will look at the construction or renovation details such as: dimensions, quality of construction, number of stories, foundation and basement finish, exterior components (decks or carports) and/or non-attached buildings (garages and sheds). The assessor uses this information to assist in establishing value. This value is added to your assessment for the next year’s assessment.
Other Information that may interest you:
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