Property assessments in the town of Bonnyville have gone down once again, says Accurate Assessment Group. The company was in Bonnyville town council on Tuesday presenting their findings. Assessment Specialist Bob Daudelin says when it comes to homes between 2017 and 2018, the average worth is once again not where it used to be
“Residential assessment, comparing the 2017 assessment to the 2018 assessment, decreased by eight percent. That change in assessment is the result of two factors: Growth and market inflation or deflation.”
The assessments are done to help town council gauge where the property tax mill rate will be set for 2019. Mayor Gene Sobolewski and council had previously given the OK on a budget that would feature a zero tax-dollar increase for residents.
Bonnyville isn’t the only community to be hit with a lower home market value. Accurate says they also prepared data for St. Paul which saw a five percent decrease and Cold Lake which saw a six percent drop. Daudelin says it seems to be a pattern for towns around the province.
“Small town Alberta and the larger urban centres are seeing less. The cities themselves I cannot speak to but the surrounding communities close by seem to have a lesser hit this year.”
Council says a mill rate increase is a possibility to help offset the change. Last year the mill rate was announced on May 1st.