What is Taxation?
The property taxes citizens pay are calculated in proportion to the value of the real estate property they own. Determining the value of a property for taxation purposes is known as property assessment. Assessed values are a means of fairly distributing the tax burden and ensuring each property owner pays a fair and equitable share of tax in relation to his/her neighbour.
The Capital Region Assessment Services Commission (CRASC) is the Town appointed Assessor. An annual assessment is prepared for each property. Annual assessments are part of the regular cycle of activities that provincial legislation requires the Town of Devon to undertake. Each year all property values are updated to reflect market value as of July 1st of the previous year. The new assessed values will be used to determine how much municipal and school taxes each property owner pays.
For properties under construction, the assessed value shown on the assessment notice will reflect the percentage of completion as of December 31st of the previous year. Upon completion and once the property is occupied a combined supplementary assessment and tax notice will be mailed.
The following chart illustrates the amount of taxes a residential property valued at $200,000 would pay in 2012:
|Type of Taxes
|| $ 4.76
Once the assessment and tax notices have been mailed the assessment roll is open for inspection by members of the public.
The taxation year runs from January 1 to December 31 each year.