2016 PROPERTY RE-ASSESSMENT
Why is your property being reassessed?
In accordance with Manitoba Provincial Legislation, all property assessments are being updated in 2016. Properties across Manitoba are reassessed every two years to make sure:-
- Assessed values are up-to-date and keep pace with real estate market conditions.
- Property owners understand and can evaluate their assessments.
- Property owners pay their fair share of taxes.
What is assessment?
- Assessment is the estimation of a property’s probable market value.
- Properties are assessed so that local governments can levy property taxes.
- The market creates the value --- Assessment Services reports it --- and local governments set the required tax rates.
The 2016 Reassessment is based on April 1, 2014 market values. Put simply, the assessment is the assessor’s best estimate of the probable selling price for a property had it been for sale on that reference date.
How is property valued?
There are three internationally accepted methods of measuring the value of property:-
- The Cost Approach
- The Sales Comparison Approach
- The Income Approach
Or a combination of one or more of these approaches.
In Manitoba, for residential properties, the Mass Valuation Process involves the combination of the Cost Approach and the Sales Comparison Approach.
The bottom line to all of this is, if you are not satisfied with your assessment valuation, you should contact either or both of the following individuals for clarification on any issues you may have:-
- Buffalo Point Tax Administrator – Danette Jefkins – 204-437-2331
- Buffalo Point Assessor –
If at this point, you are still unsatisfied with your 2016 Reassessment you can appeal your assessment (using the proper appeal forms and including an administration fee of $30) to the 2016 Buffalo Point Assessment Review Boardon or before the appeal deadline of March 30, 2016.
In order to assist cottage owners, the BPCOA has been attempting to gather and provide all of the sales data used to calculate the Buffalo Point assessment values.
A copy of the 2015, 2014, 2013, and 2012 Multiple Listing sales have been received from local realtors. Buffalo Point First Nation, however, turned down our request for a copy of their non-MLS sales (sales that BPDC have sold themselves) data for those years.
Due to BPFN not providing the sales data that we requested, BPCOA recently asked the First Nations Tax Commission to assist in getting the non-MLS data from BPFN. At this point in time we have no indications one way or the other if the requested information will be forthcoming.
Based on those Multiple Listing Sales received, it would appear that the 2016 Assessments are too high in comparison to the market value sales.
If any cottage owner needs any clarification concerning their 2016 Reassessment or would like to see the Multiple Listing Sales, please contact:-
Vice President - Miles Briggs @ 204-437-2603