The real estate popularity of the Town of Brome Lake is now reflected in its overall assessment value. The total value of all the properties in the town is now estimated at $1.52 billion, one of the highest in Québec given its size. This will be the basis of the new three-year property roll (2019-20-21) coming into effect on January 1, 2019. This figure reflects the portrait of the real estate market as of July 1, 2017. It is also the basis on which property taxes will be calculated. The value of industrial property has only risen by 2.44%, but that of serviced vacant lots has ballooned by more than 30%. Residential properties have gone up by 9.35%. So, all in all, the average increase in value is 9.34%.
When economics meet politics
Now, some are wondering, does this mean that property taxes will go up by 9.34%? Very unlikely. This is where the Town Council comes into play and uses the level of the mil rate (the rate of tax on every $100/valuation) in order to modulate tax increases and soften the blow. The mil rate is announced each year at budget time in December. This year, 2018, the mil rate applying to residential properties in TBL is 68 cents. Mayor Richard Burcombe promised in the last election that, under his tenure, taxes would be in line with the rate of inflation. Based on this political commitment, it is realistic to expect an actual tax rise of between 2 to 3%; to achieve this, the mil rate would have to be lowered. An announcement will be made at the tabling of the 2019 budget for the town.
To find out about the new value of your property go to: ville.lac-brome.qc.ca/residents/taxes-and-property-assessment/
After they receive their 2019 bill, taxpayers who disagree with the new value on the assessment roll will be able to request a review before April 30, 2019.