The real estate evaluation of houses and condos in Montreal is likely to “increase a lot” in the new role that will be published this year, a consequence of the real estate boom, according to the City of Montreal.
On the other hand, the effects of the pandemic could slow down the increase in the value of certain large buildings in downtown Montreal, or even cap it.
This is the analysis of Bernard Côté, who heads the city’s property assessment service. He appeared Thursday before the Finance Commission of the City of Montreal.
Mr. Côté has agreed to give municipal officials an overview of what the next 2023-2024-2025 assessment roll for the City of Montreal will look like, which must be filed later this year.
“It is clear that it is a role which is – for the residential sector – up to 30% [d’augmentation]. It will vary from one district to another, from one city [liée] to the other, as always, ”said the municipal official. This rapid increase is linked to the boom in the Montreal real estate market in recent years.
“But there is a good difference between the residential base and the commercial base,” he added.
“We understand that there are industries that have been affected much harder by the pandemic than we have known since 2020,” he said. If only travel, hotels or office buildings that are a little more empty. There are going to be much smaller increases, even value caps in some subcategories. ”
The assessment roll is the cornerstone of municipal taxation: it is the value on which the City bases itself to tax its residents.