For 2012, provincial legislation requires that assessed values of all properties be updated to April 1, 2010 market values (reference date), from 2008 market values. Property assessments were last updated in 2010.
The R. M. of Victoria Beach total municipal assessment will increase by 13% for 2012. The portioning percentage used to calculate property taxes on residential property is 45%. The portioned (taxable) assessment for Victoria Beach for 2012 will be $162,940,730 ($144,189,680 at present). The updated assessments will be used to determine 2012 property taxes and these revised assessments do not affect the 2011 property taxes. PLEASE NOTE - The increase in assessment of 13% will not result in a property tax increase of the same percentage in 2012. The percentage increase (13%) should be considered as a "baseline" to determine if a municipal property tax increase will occur in 2012 as a result of the 2012 reassessment. Properties that have increased in value by more than 13%, would see an increase in the level of 2012 municipal property taxes due to reassessment. If the increase is less than 13%, there would be a decrease in the 2012 municipal property taxes due to reassessment.
The objectives of the province-wide reassessment are:
Equity - all properties across the Province are regularly reassessed to ensure assessments keep pace with changing market conditions.
Fairness - property taxes are paid according to the market value of property. Keeping assessments current is one way to ensure everyone pays their fair share of taxes.
Greater Ratepayer Understanding - updating assessments makes it easier for property owners to understand and evaluate their assessments.
For more information regarding the 2012 reassessment or to discuss your property assessment, please contact the Selkirk Assessment Branch at 204-785-5092 / toll-free - 1-866-262-9786. The Assessment Department will be holding open houses to meet with Assessors to discuss ratepayer concerns. Please consult the brochure or the provincial website. You may also obtain additional information, including sales transactions for the Municipality at www.gov.mb.ca/assessment
