For all property types, this is the first year of the current reassessment cycle covering the 2017-2020 property tax years. Current value assessments (CVA) are based on a January 1, 2016 legislated valuation date. To learn more, see Property Assessment Notices.
Starting for 2017, to accelerate progress towards full Current Value Assessment (CVA) levels of taxation (CVA multiplied by tax rate) for non-residential properties, Council approved the following changes:
- The maximum allowable annual tax increase (tax cap amount) for properties that would be subject to capping protection in 2017 is calculated as 10% of the property's full 2016 CVA taxes (CVA multiplied by the tax rate). The previous cap rate was 5%.
- If a property's 2017 actual CVA taxes in comparison to the 2016 annualized taxes are within $500, the property will move directly to full 2017 CVA taxes.
- Properties or portions of properties that reached full CVA taxation in 2017 or prior, will be billed at full CVA in 2017.
- Properties or those portions of properties that were subject to either a capping or clawback adjustment(s) in 2016 and would otherwise cross-over in 2017 will be billed based on full CVA taxation for 2017 and onward. Full CVA taxation refers to taxes that are calculated based on the assessment multiplied by the total tax rate.
City Building Fund (CBF) Levy
- The transit expansion levy has been replaced by the City Building Fund (CBF) levy. The CBF is a dedicated property tax levy for priority transit and housing capital projects equal to a 0.5 % residential property tax increase in 2017, with additional 0.5% increases in each year from 2018 to 2021.
City Council approved a municipal operating budget with the following increases (includes CBF levy):
- residential properties - 2.50%
- commercial properties - 1.25%
- industrial properties - 0.83%
- multi-residential properties - 0.0% (as mandated by the Province)