Property Assessors Explain Increases in Oxford
Oxford Town Council moved up the date of their regular meeting from the (new for 2024) Wednesday evening slot, to last night for this week only. This was to ensure a presentation by the Property Services Valuation Corporation could be heard while property owners still have time to decide whether to appeal their assessment.
The PVSC’s Paul Beazley and Adam Hanna appeared via videoconference to talk about the corporation’s work and provide an overview of the 2024 Assessment rolls.
Oxford’s total residential market value increased from $63.6-million in 2023 to $78.2-million this year, a $15-million dollar boost.
With the provincial CAP programme still in effect, the actual taxable value for the town in residential properties only rose a little over $5-million ($57.5-million to $62.9-million).
The Commercial property assessments, which are not subject to the CAP, rose from $46.88-million to $50.27-million, an increase of about $4.4-million. The total assessment of the town (residential + commercial) came in at $128.5-million, an increase of $18-million.
Council members had a few questions for the PVSC representatives. Councillor Paul Jones wondered about the CAP and new home owners. Beazley and Hanna said a residential property sold on the market will have its CAP removed for the following year’s assessment, and then re-applied for the next year’s assessment based on that new market value, with the Consumer Price Index (CPI) percentage applied.
Councillor Chrystal MacNutt wondered about those house purchasers who paid over market value in the recent housing boom. Hanna and Beazley said the assessment is not entirely calculated on market action, but also considers mass appraisal factors, looking at groups of properties, averages, and employs statistical testing to try and accurately reflect a given property’s value. They noted that in the recent house purchase rush, many people were buying properties online, sight-unseen, and some discovered issues with those properties after the fact (including, for example, renovations that were done without ‘pulling permits’, as well as properties in conditions somewhat less grandiose than they were portrayed).
The PVSC has all of their staff at the ready until the deadline for appeals of assessments, which can be submitted online, by fax, or mail (though in the latter’s case, material must be received by midnight, February 8).
Homeowners are encouraged to call and discuss their case directly with the corporation to resolve any doubts and to determine whether an appeal might be warranted.
Councillor MacNutt suggested those property owners who are anticipating a jump in their property taxes due to a significant assessment change should speak with staff at Town Hall, and consider pre-paying a portion of their tax bill, to help reduce the monies they might owe once the tax bills are sent out.
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