We phase in changes to the assessed value of Class 2 properties with more than 10 units and Class 4 properties over a five-year period. This means that we apply 20% of the change each year for five years.
In any given year, there are multiple transitions being applied which results in an actual assessed value and a transitional assessed value for your property each year. The law requires that we use whichever number is lower – your actual assessed value or transitional assessed value – to get to your property tax bill.
Please note that if you make physical changes to your property, the full value of the improvements are applied - it is not transitioned in.