What’s the Difference?

Property Assessment: Determines assessed values of property annually, based on market conditions as of January 1 (base date) the year prior to the tax year. E.g. 2026 assessments are based on the market as of January 1, 2025.

Property Tax: The amount you pay your municipality each year. The tax rate is set and approved by your local Council annually, based on the total value of taxable property in your community.