Some property owners in the Friendly City will be receiving their property assessments in the mail soon.
WOODSTOCK - As of April 18th, residential property owners in Woodstock will start receiving their property assessments in the mail. These assessments determine the value of your property.
Mayor Trevor Birtch explains the importance of these assessments.
"Your taxes end up being based on the value of your property. So if your property value is going down against your neighbours, that means your taxes are probably going to be going down. If your property is going up at a higher rate than your neighbours, it means your taxes will be going at a higher rate."
Birtch says some neighbourhoods will have visual inspections done to determine value, but these assessments are also based on sales data.
"They're also relying on the sales data. When your neighbours house sells and it's selling for a higher value than may be sold in years gone by it will play an impact on everyone's assessment."
Those who own farms, businesses and multi residential homes will be receiving their assessments in October. Once you receive your assessment, you can get more information about your results by visiting aboutmyproperty.ca.
These assessments are done every 4 years by the Municipal Property Assessment Corporation.
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