COUNCIL.

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October 1th, 19770CT 4 7977

TO: 7 Mayor and Council

FROM: L.D. Pollock
, City Administrator

Re: Changes to the Assessment Act and Assessment Procedures

I believe Council has received information on Bili 31 which enacts certain
changes in the basis of Assessment in the Province. ‘The main points of the.
Bill are: |

1. It will end the statutory limitations on assessment increases,

2. Actual value will be used as the basis for a 1978 Assessment Roll.

3. Assessments will be equalized within classes at a set percentage of

assessment for School Tax purposes.
4. Assessment increases for School purposes will be phased in over a
four year period.
5. Municipalities will be able to choose the method of assessment for

General purposes from four options. .

6. Land and improvements will be taxed on the same basis, in other words,
the old procedure of taxing improvements at 75% of their value has been

eliminated and land and improvements will be taxed as a unit.

School Roll
The basis of assessment for the School Roll will be fixed for all municipalities

in the Province and will incorpoxate the following features:

1. Properties will be assessdd at actual value (100% of market)

2. Properties will be taxed at a set percentage of assessment as follows:

1) single family residential, vacant residential, mobile home,

acreage, multi-family residential and farmlands and residences

- 15% of actual value

pesky

Statutory utility, railroads, pipelines, telegraphs, ete. and

primary industrial - 30% of actual value

commercial, secondary industrial -— 25% of actual value.

The Lieutenant-Governor will be Setting these various percentages annually

and they may vary from year to year, however it has been indicated that the

percentages given above will be the ones set for 1978.