New municipal assessment roll in Montreal

A new property assessment roll in Montreal will come into effect in 2023 (and will hurt plex owners very much, especially because of an average increase of 35.8% for 2-5 unit buildings, and 35.1% for +6 units, strongly influenced by the year 2021 which was out of the ordinary).

In order to better inform our members, here are the three steps we are putting in place to better guide you:

1. A communication on our platforms explaining the process of challenging the property assessment by inviting members to assert their right as a first step (see the text that follows);
2. Making sure to explain that any variation in the tax bill (vs. the year 2022) is 100% applicable in the calculation of the rent increase on July 1, 2023;
3. CORPIQ has, finally, taken a position for a revision of the financing model of municipalities which is too largely dependent on property taxes.

 

Property assessment notice for the 2023-2024-2025 roll

Montreal property owners have received their property assessment notices for the 2023-2024-2025 roll. We already know that the amounts have been revised upward dramatically, particularly because of the real estate overheating of the last two years. The City of Montreal also announced on October 19 that the increase will be spread over three years.

Apply for an adjustment to the municipal assessment roll

Remember, this new roll reflects the value of the property as of July 1, 2021. If you find that the new property assessment roll is in error, there are ways to request a review.

On this web page you will find all the information you need to request a review of the property assessment roll. To exercise your right to dispute, you must act before April 30, 2023. You will also need to state the reasons for your request for review. It is recommended that you verify the sale price of comparables in your area before requesting a review. You can use this online service (only available for buildings with 5 units or less) where you can find out the sales price in your area.

You will then have 60 days to appeal to the Real Estate Section of the Tribunal administratif du Québec if you feel that there is still a difference of opinion in the processing of your request.

Of course, other municipalities have also filed a new assessment roll, and property owners have the same rights of review in their respective municipalities.

 

Article to read: https://www.ledevoir.com/economie/767841/economie-de-preoccupantes-hausses-des-valeurs-foncieres-a-montreal-comme-ailleurs