Property Assessments – how are they calculated? | CFIB
Assessments in Newfoundland and Labrador are done by the Municipal Assessment Agency, with the exception of the City of St. John’s, which has its own assessment agency.
Property assessments in Newfoundland and Labrador are based on the market value system. There are three generally accepted techniques used to value property in a market value assessment system: the cost approach, the sales comparison approach, and the property income approach.
Your assessment value and your municipality’s mil rate are used to determine your property taxes (a mil rate is also used to determine your business occupancy tax). There is a simple formula used to calculate your municipal property and business tax bills:
Assessment value x mil rate = taxes charged
Properties in Newfoundland and Labrador are re-assessed every three years, with 2016 being a re-assessment year. The 2016 assessments are based on the value of any improvements made as of January 1, 2014. If you feel changes are required to your assessment, the Municipal Assessment Agency has an appeal process in place; an appeal process is also available at the City of St. John’s.