Property values in Diamond Valley are up this year, but taxes aren't.
Assessment notices were sent out last week, and according to the Town of Diamond Valley, residential property values have gone up by approximately 20 per cent.
"The increase is based on market data as of July 1, 2023, and is not related to amalgamation," clarified Town finance manager Vin Chennath.
Though there has been a noticeable increase in property values, there will be no property tax increase for homeowners, as established by the Town's budget released in December.
Despite this, there has been some confusion among Diamond Valley residents about property tax rates.
"Property tax revenue needed divided by total assessments equals the mill rate," explained Coun. Jonathan Gordon in a comment on Facebook. "Then that mill rate is used as the multiple with your own assessment to determine taxes."
Gordon stated that since the Town's revenue requirements were not increased this year, there will be no increase in property tax.
He added that "council is expected to review these numbers in May when we will set the mill rate."
Residents that are not satisfied with their assessment can make a complaint online within 60 days of the date listed on their notice.
