Home Municipal Services Property Assessment Supplementary Assessments
What are Supplementary Assessments?
Supplementary assessment reflects the increase in value of a property where a new building is completed and/or occupied during the current tax year.
How does Supplementary Assessment and Tax work?
When the increase in value of the new building has been determined a supplementary assessment and tax notice will be sent to the property owner indicating the additional taxes for the year.
When is the Supplementary Tax Notice sent out?
Supplementary Assessments are levied only in the year the newly constructed building is completed. There are two supplementary notice mailings in mid July and mid October. Property owners are required to pay the supplementary tax in full within 30 days of mailing.
How is Supplementary Tax calculated?
The Town of Okotoks calculates Supplementary Assessments as per the example below:
The Town of Okotoks Supplementary Assessments is based on typical market values with a valuation date as of July 1st of the previous year.