Some property owners in the city could face a double-whammy next year on their tax bill.
A property assessment jump in Cornwall is expected to be measured in double digits, says a representative with the local Municipal Property Assessment Corporation (MPAC).
Mike Contant, an account manager with MPAC, said a provincial forecast suggests assessment will increase for home owners by as much as 17 per cent across the province beginning next year.
While he added numbers for Cornwall are expected to be released in the coming weeks, Coun. Denis Carr said he's heard the average assessment increase in the city willl be closer to 15 per cent on the residential ledger.
This comes at the same time that city hall is forecasting a tax rate increase too - which could doubly effect some ratepayers in Cornwall.
"It really depends," said Carr, who suggested some property owners could see an increase in assessment, while others may enjoy a decrease. "You have to look at the overall effect of that."
Contant explained that assessment is driven solely my the real estate market. And while the market dipped a bit in 2008 - the last assessment year - it has made up for that since.
"(An assessment increase) will likely be double sigits here as well," he said. "And that's because of the market."
Contant said there are about a half a dozen "homogenious neighbourhoods" in the city where assessment rates are calculated. He said one area of town could be hot on the sales front, while another is cool. He said that would account for fluctuations across the city when it comes to assessment.
Contant also said an assessment hike would be phased in over four years. If, for example, your assessment rate went up by 16 per cent, you would pay four per cent per year over the course of the following four years.
Last year the city increased its tax rate by 1.5 per cent, on top of one per cent in 2010.