Comments from Mayor Peter J. Malouf on the results of the latest Triennial property assessment roll
We have just received the 2023-2025 property assessment roll filed by the Agglomeration of Montreal and the average value of the property roll for TMR has increased by 36.6%. More specifically, the residential sector grew by 37.7%, the non-residential sector by 39.4%.
Details about the new roll can be found here.
WHY HAS THIS OCCURRED?
The new property assessment roll reflects the average of all real estate transactions over the past three years, up to July 1, 2021. As you are all aware the pandemic created an unusual distortion in the real estate market, where real estate transactions were occurring at rates above the asking price and property owners invested more in their homes with renovations and additional construction.
ARE WE THE ONLY ONES AFFECTED BY THIS INCREASE?
The average increase in values for the entire agglomeration of Montreal was 32.4%.
Other suburban communities comparable to ours have experienced higher increases, notably:
- Côte-St-Luc with 37.8%,
- Beaconsfield with 39.2%,
- Hampstead with 39.4%
- Montreal West with 41.1%.
It should also be noted that the smallest increase was recorded in Westmount with 28.7% and the largest in Montreal East with 52.5%.
THE NEXT TAX BILL FOR 2023
The value on the assessment roll is indeed used to determine the cost of municipal taxes, but I would like to reassure our taxpayers that in the preparation of the 2023 budget projections, the members of the municipal council and the administration of the Town have at our disposal certain tools such as the reduction of the mill rate and some financial reserves that could help mitigate a radical increase in the tax bill of Townies.
However, I would like to remind you that in the 2023 budget planning process, in addition to the values on the assessment roll, there are also factors that are out of our control, such as the rate of inflation, which is reflected in the cost of the contracts that the Town is awarding, as well as the aliquot share that we must pay to the Agglomeration of Montreal. On this last point, it seems indisputable to me that we do not want to relive the catastrophic scenario of last year, when the increase in our share for 2022 reached a near record level of 11.76%. This additional burden now represents 54% of our budget.
I invite you to view the comparative chart on the changes in the total roll value of the cities in the agglomeration from 2020 vs 2023.
WHAT CAN THE TOWN DO?
Council members and I will work hard on the next budget to present a tax rate that mitigates as much as possible this increase in property values while not compromising services to residents.