Most property owners will likely see tax decrease
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Hey there, time traveller!
This article was published 07/06/2022 (1361 days ago), so information in it may no longer be current.
Most Brandon property owners should see a decrease in property taxes after the 2023 reassessment, a representative from Manitoba provincial assessment told Brandon City Council on Monday.
According to Farrah Anderson, the overall value of both residential and commercial land will increase around four per cent over the city as a whole.
This will bring Brandon’s overall taxable assessment approximately $166 million higher to a total of $3.045 billion.
However, because of the continued phasing out of education property taxes and a residential tax credit for renters on the way, 69 per cent of the 16,423 properties in Brandon will see a reduction in the amount of taxes owed when both municipal and education property taxes are combined.
The remaining 5,118 properties are likely to see a tax increase. Three per cent of properties are likely to see a tax increase of greater than $100 and $28 per cent are likely to see an increase of $100 or fewer.
These figures are based on averages and estimates pre-assessment.
Overall, properties with an assessment increase of less than four per cent will likely see a decrease in property taxes, while properties with an assessment increase of greater than four per cent will likely see an increase.
After Anderson’s presentation, Mayor Rick Chrest asked her what the impact of COVID-19 has been on assessments.
She said that COVID didn’t affect properties as much as originally feared, meaning that Brandon’s municipal levy — the annual amount of taxes it collects — will remain stable.
Though under the current mill rate, residential taxes collected would decrease by 0.2 per cent, a correspondent increase in residential taxes is expected to keep the levy the same.
To mitigate the changes reassessment can make to taxes and tax revenues, the province tells municipalities that it can phase in increases and decreases over a period of time, vary the tax percentages levied on certain classes of property and establish a tax credit program.
Also at council, the Canadian Association of Municipal Administration formally gave the Brandon Urban Aboriginal Peoples’ Council and the City of Brandon its 2022 Willis award for innovation for its creation of Truth and Reconciliation Week programming last year.
The city won in the category for municipalities between 20,001 and 100,000 residents.
» cslark@brandonsun.com
» Twitter: @ColinSlark