The Town of Okotoks calculates Supplementary Assessments as per the example below:
Type of Property | Residential Single Family Home |
|---|
Total Assessment (Annual & supplementary assessment) | $350,000 |
Less annual assessment shown on the Assessment Notice | $150,000 |
Supplementary Assessment | $200,000 |
Improvement completed on pro-rated Supplementary Assessment | July 1st (= 6 months) |
$200,000 x 6/12 months = | $100,000 |
*The tax rate is then applied to the pro-rated Supplementary Assessment to calculate the taxes due on the Supplementary Assessment. | |
The Town of Okotoks Supplementary Assessments is based on typical market values with a valuation date as of July 1st of the previous year.
