Supplementary Assessment and Tax
What is supplementary assessment?
Supplementary assessment reflects the increase in value of a property during the current tax year. This occurs where new construction is completed or occupied during the current tax year. A supplementary assessment is also calculated when a major renovation or addition is completed on an existing home or building.
What is supplementary tax?
Supplementary tax is the amount of tax levied on the supplementary assessment only. It is determined by multiplying the supplementary assessment by the applicable tax rate, then prorating this amount based on the number of months the building has been completed or occupied for the year.
Why does The City have supplementary assessment and tax?
Supplementary assessment and tax provides for equity among property owners. When new construction is completed or occupied, the owners receive municipal services. Supplementary tax contributes towards the cost of providing these services.
When is the supplementary assessment and tax notice sent out?
Supplementary taxes are levied only in the year the newly constructed building is completed or occupied. Supplementary notices are sent out between June and December. Property owners are required to pay the supplementary tax in full by the due date on the notice.