Francine Bastien

Brome Lake property owners recently received a new assessment notice for their property for 2025-26-27. A ritual that is repeated every three years. Many owners were shocked to see on this notice that the value of their property had increased by 50, 90 and sometimes 200%. Many of them attended the information session held on November 6 by assessors Jean-Pierre Cadrin et Associés, and overseen by the town.

The assessment process is complex and dictated, in Quebec, by the Loi sur la fiscalité municipale. Basically, appraisers group properties in a given neighborhood and apply the market prices as of July 1, 2023 in that neighborhood. “This is what allows us to determine the difference between the market value and that of the old municipal assessment, ” explains Martin Ménard, a certified appraiser at JP Cadrin & Associés. It is therefore the price of recent transactions, in real value, and the value entered on the old role that determine the new value. The assessors noted a high number of sales in three years, namely 725 in Brome Lake. The higher the price of these transactions, the higher the value on the roll – understand taxable value of the properties increases. Properties are categorized as residential, industrial, agricultural, etc. While the average increase for all of these categories is 51.8%, the condominium category alone has increased by 81%. Why? Because of the high price of transactions and not because of investments in the property itself.

What about the overbidding? Several participants at the November 6 meeting expressed concern about the phenomenon. Especially since the pandemic, the most coveted properties often sell above the asking price (above the market price) and as a result, such a transaction fuels the increase in values on the assessment roll. “People who can afford to pay too much penalize longer-term residents who can no longer afford these high prices that are reflected on their tax bill, ” summarized one participant.

For his part, Brome Lake Mayor Richard Burcombe explained that the council was examining the tax rate at the moment while preparing the 2025 budget which will be tabled in December. “Not everyone will be happy. For some it will mean a reduction in taxes for others there will be no change but there will also be tax increases.” This exercise aims to mitigate excessive increases in the tax bill when the value of a property increases. Increases of more than 60% in the value on the roll will most certainly lead to increases in property taxes. Citizens who wish to contest the new assessment of their property have until April 30, 2025 to do so. It is recommended to contact the assessors beforehand to ensure that the file is complete and up to date. Toll-free: 1-877-843-1635.