While some Winnipeg property owners may be surprised by a jump in their assessed property value after getting their latest assessments in the mail, not everyone will see their tax bill increase as a result.
The city reassesses the value of Winnipeg properties every two years. The latest adjustments, which are now being sent out to property owners, reflect the estimated value as of April 1, 2023.
Coun. Jeff Browaty (North Kildonan), who chairs the city’s finance committee, says the city looks at how much similar homes in your neighbourhood have recently sold for and then makes adjustments.
So if you have a double garage, but a property they use for comparison only has a single garage, they make an adjustment for that, he said.
If you’re on a busier street because there’s a bus on it, and the next street over, a comparable sale is on a quiet street, they make an adjustment for that as well.
Across the city, the average increase from 2021 to 2023 was eight per cent.
Condo prices went up more — nine per cent for apartment-style, and 17 per cent for non-apartment-style.
Increases also varied by area.
Neighbourhoods in the south, east, and northwest areas of the city went up by double-digit percentages. Houses in the inner city and some older areas went up by as little as four per cent.
This year, the city is budgeting for a general property tax increase of 3.5 per cent, but Browaty says that doesn’t mean that’s how much the municipal portion of your property tax bill will go up.
Even though your property value increased, that doesn’t automatically mean you’re paying more property taxes, he said.
If the difference between the old assessed value and the new one is less than eight per cent, the increase will likely be below 3.5 per cent.
If it’s equal to eight per cent, the increase will be in line with the 3.5 per cent citywide increase, and if it’s more than eight per cent, then the increase will be higher.
The city has a more detailed breakdown of how it calculates property taxes on its website.
The city’s portion of the property tax is only part of the total amount property owners see on their tax bill. The bill also includes frontage levies — which were hiked in the last budget by $1.50 per foot, to a new total of $6.95 per foot — as well as education property taxes, which are determined by school divisions using the city’s value assessments.
Thomas Rempel-Ong, who lives in one of Winnipeg’s wealthiest neighbourhoods, says even though the value of his Tuxedo home went up by about $100,000, he doesn’t think his taxes are likely to change much.
In my case, I lucked out — apparently my house price increase is only average, but at the same time, my home equity went up by most people’s average salaries in a year, he said.
Rempel-Ong thinks the way the city assesses property values is unfair to people in less wealthy areas.
People can compare their new assessed value to their neighbours using the city’s website.
Anyone who thinks their property value was assessed unfairly can appeal.
The new property values will be used to calculate taxes starting in 2025.
