Town seeks to mitigate impact of property value increases

News Release FOR IMMEDIATE RELEASE September 16th, 2015 Happy Valley – Goose Bay, NL – Preliminary property value results, released to the Town of Happy

News Release
FOR IMMEDIATE RELEASE
September 16th, 2015

Happy Valley – Goose Bay, NL – Preliminary property value results, released to the Town of Happy Valley-Goose Bay by the Municipal Assessment Agency (MAA) have indicated an increase for residents.

On average, residents and business owners in the Town of Happy Valley-Goose Bay can expect the following property value increases:

• Residential Property – 33.1% average increase
• Commercial Property – 10% average increase

The preliminary average residential increase for the Province is 19.5%. The overall average increase in assessed values (residential and commercial) are: Province 26% ; and Labrador 28.7%.

“Our community is experiencing economic and social growth from major developments in the region,” said Mayor Jamie Snook. “This influx has led to rising property values and a healthy economy which has meant increases in equity in some cases but also challenges for residents to deal with the rising cost of living.”

Property assessment values are determined by the Municipal Assessment Agency and are conducted every three years. The values for the 2016 assessment roll reflect actual property values as of January 2014.

The MAA will be mailing notices of assessment to all property owners within Happy Valley-Goose Bay on October 5th, 2015. Information for directing concerns, questions and appeals will be provided in conjunction with the notices.

The town will be entering into the budget process in the coming months, with the expectation of passing the 2016 municipal budget by December 1st, 2015.

During the budget process this fall, the town will be studying the mil rate and taking measures to mitigate the impact of these property increases on residents.

“We have heard from the community that the rising cost of living is a major issue. Council will be taking a balanced approach in determining an equal mil rate for all property owners,” said Mayor Snook. “The 2016 municipal budget process will be critical in ensuring the mitigation of these increases but also maintaining revenue for future investments in town infrastructure and services.”

Property taxes are generated from within the community and act as the main source of revenue for municipal governments. These taxes help to finance local government services such as garbage collection, water and sewer, recreation and fire protection.

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Media Contact:

Naomi Sharpe
Public Relations & Special Events Manager
Town of Happy Valley – Goose Bay
P: 709-896-3254
[email protected]