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But in a rapidly changing market where prices are volatile, the tax picture of today, based on the assessment of last year — which involves estimates founded on similar homes sold in the area — can be misleading, says Shearer, broker and owner of Royal LePage Noralta Real Estate.
Understanding the potential total tax bill can be telling. Consider an estimated bill for 2020 based on the average sale price of a single-family detached home for October ($442,854) using recent RAE data.
A rough estimate of the bill is $4,130. That’s based on a $9.326 mill rate per $1,000 of assessed value shown in the Altus report. The sum would still be an increase from last year when the average price was $422,145 last October. Altus noted the tax rate then was $9.081 per $1,000 for residential. Using this figure, the annual property tax bill would have been about $3,833.
While an increase, the bill is not as high as other jurisdictions.
For example, Winnipeg has one of the highest mill rates in the nation at $11.938 per $1,000, Altus shows. Using the September average price for a single-detached home, $352,010, the estimated tax bill would be about $4,200.