Claremont update: Second down-bound lane opening Wednesday, full down-bound closure TONIGHT
Notional tax rates are used by the City each year to account for increases and decreases to assessments on each property. The City does not benefit financially from reassessments.
Notional rates are determined based on last years approved budget and the average increase in property assessment. This prevents the budget from increasing due to reassessment.
- If your assessed value increases by more than the average increase, your taxes will go up.
- If your assessed value went up the average, your taxes will not change.
- If your assessed value went down or went up less than the average, your taxes will go down.
The Municipality uses these rates to determine for every property how that property was affected due to a reassessment. This information is shown on your final tax bill under Schedule 2 Explanation of Tax Changes
Notional Tax Rates by year
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