Montreal to phase in 32% property-value increase over three years!
20 Oct 2022
The city of Montreal announced Wednesday it will phase in a 32-per-cent property-value increase over three years to ease the impact on homeowners.
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“The priority of our administration has always been to respect the capacity of Montrealers to pay,” city executive committee chair Dominique Ollivier said in a statement. With high interest rates and inflation, the city wanted to avoid too high a “shock” on property taxes
In September, the city released the results of its property valuations as of July 2021, showing the total value up 32.4 per cent in three years.
Property tax rates are adjusted in each budget, taking into account changes in property values, so a 32-per-cent increase in property values won’t mean a 32-per-cent increase in taxes. The city will reduce the tax rate so taxes are comparable to previous years, Ollivier said.
The new tax rate will be revealed when the city submits its 2023 budget on Nov. 29.
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