- Property Owners
For Property Owners
Property assessment for taxation purposes and its administration is a complex and technical process that is vital to the financial health of local government in the province. Property Assessment is the process of establishing a dollar value for property tax purposes. Property tax is an "ad valorem" tax based on the principle that the amount of tax paid should depend on the value of the property owned. Although income and sales taxes are the main sources of revenue for the provincial and federal governments, property tax remains the major source of local government revenue. Generated from within the community, property tax helps to finance such local government services as garbage collection, water and sewer, recreation and fire protection.
Appraised values of properties for tax purposes must be accurate so that the tax burden will be distributed fairly and the public will have confidence in the Municipal Council and the local tax administration.
Download a copy of A Guide to Property Assessment in Newfoundland and Labrador.