property taxes calculated in St. John’s?
For the taxation year 2015, residential property tax is calculated at the rate of 8.1 mils, or 0.81 per cent of a property’s total assessment. A property with a total assessed value of $100,000 would be charged an annual property tax of $810, calculated as follows:
Assessed Value = $100,000
X Mil Rate = .0081 (8.1 Mils)
Annual Tax = $810
The water tax portion is a separate flat rate of $615 / yr
To search for your property assessment value for St. John’s click here.
An appraisal is a method of valuation that compares similar properties in a similar area usually within a shortened time frame. This is similar to a REALTORS® Comparative Market Evaluation (CMA) but not as in-depth. While both are using essentially the same information, they can vary depending on the property, location and appraiser/REALTOR®. Sellers can be very fixed on this figure, especially when it benefits them. (think refinancing) The problem with a high appraisal value is that it can be an unreliable means of what the value really is today’s market. Nothing worse then over pricing your home to list. Just because you have listed your home with the an appraisal in place or not, true market value is what a buyer is willing to give and a seller is willing to accept.
For a FREE no obligation market evaluation on your home
So tomorrow is the big day in St. John’s….the 193rd Regatta Day. The Royal St. John’s Regatta is North America‘s oldest annual sporting event dating back to 1816. If weather isn’t suitable the event is postponed until the next suitable day. Since Regatta Day is a civic holiday in St. John’s, this means that the weather actually determines whether or not workers have the day off – a matter sometimes complicated by late-night partying associated with the end of the George Street Festival the night before. (Locally known as Regatta Roulette)
Decided to drive downtown St. John’s this morning and swing up to Signal Hill and head back to my office via Quidi Vidi Lake. Randomly taking photos as I went. There are a great number of people out today. Most with camera’s so I can only assume tourist’s. Even as I drove up the road to Signal Hill the place was packed with people. Nothing to see up there though as the fog has it completely engulfed. No ocean view that’s for sure.
Tomorrow Quidi Vidi Lake will be surrounded with tens of thousands of people. Each visiting “the pond” for their own personal reasons. Whether it be family tradition, curious spectators, visiting tourists, family/friends of the rowers or just to head down for a game of chance at the concession booths – none will be disappointed.
51 new developments slated for the St. John’s Mount Pearl Area means 51 new reasons to invest in St. John’s Real Estate
There are approximately 51 major developments that could take place in St. John’s this year. Of these developments, Pleasantville appears to be the hottest topic (as well as the largest development) A new Canadian Forces Base as well as 975 residential spaces. I have received a number of calls in the past few months on this new subdivision already. This will be the hot spot for East End St. John’s homes for sure.
The old Woolworth building is slated to become an office tower/parking garage.
An $18million dollar hotel is to be built at the corner of Prescott and Water Street.
A $15million dollar hotel/condo building is being built on Temperance Street.
The old Arcade building on Water Street as well as the old CBC building are aimed to be converted to office buildings and condos.
On Tiffany Lane in the East End of St John’s a new $10million dollar condo development will be built.
In the West End of St. John’s a new $8million dollar seniors condominium complex will be built as well as another in the Center of the City on Blackmarsh Road.
A 200 home project is expected to get underway off Ruby Line and Heavy Tree Road in Mount Pearl.
Lots of new Box Stores being constructed up on Stavanger Drive Area. (Best Buy, Kesleys, a new RONA building, a new Canadian Tire building) as well as new ones on Kesley Drive near Kenmount Terrace.
Things are certainly booming here in St. John’s. Good times, prosperous times are ahead for Newfoundlanders.
Economic Performance 2009
- Real GDP declined 8.9%.
- Employment fell by 2.5% and the unemployment rate increased to 15.5%.
- Retail sales grew by 2.6% – the strongest performance in the country, with Newfoundland and Labrador being one of only two provinces to record sales growth.
- Labour income increased by 4.2% – the second best performance among provinces.
- Housing starts of 3,057; the second highest in 20 years.
- Capital investment growth ranked fourth among provinces.
- Personal income growth of 3.9% and disposable income growth of 4.7%.
- Population of 508,925 as of July 1, 2009, an increase of 0.5% and the largest percentage increase since 1983.
- Non-resident travel and tourism visitors increased 0.7% to 483,200 with expenditure growth of 1.4% to $375 million.
- 2010 Economic Outlook
- Real GDP forecast growth of 4.0%.
- Employment growth of 2.3% to 219,900.
- Unemployment rate forecast to decline 0.6 percentage points to 14.9%.
- Personal income and disposable income growth of 3.9% and 3.3% respectively, aided by wage gains and employment growth.
- Retail sales growth of 5.0%.
- Increase in population of 0.5% due to positive net migration.
- Capital investment expected to increase by 23.0% to $6.2 billion.
- Housing starts expected to increase 1.5% to 3,102. Residential construction spending of $1.6 billion, an increase of 3.5%.
- Value of mineral shipments expected to increase about 60%, to $3.1 billion.
- Total overnight tourist visits expected to increase by 1.3%.
2010 Investments in Infrastructure
Funding for the Conception Bay South Bypass extension, Team Gushue Highway extension and completion of the Torbay Bypass;
2010 Investments in Diversification
More than $126 million in funding for initiatives under the Departments of Finance, Business and Innovation, Trade and Rural Development including:
- $61 million in tax credits and incentives;
- $11 million in the Regional/Sectoral Diversification Fund;
- $2 million in the Aerospace and Defence Development Fund;
- $1 million for the Innovation Enhancement Fund plus $1 million in the Commercialization Fund, both under the Innovation Strategy;
- $1 million in the Oil and Gas Manufacturing and Services Export Development Fund as part of a two-year $3 million commitment;
- $4.9 million under the five-year Oceans of Opportunity Strategy to advance the ocean technology sector; and
- Other programs including the Small and Medium-sized Enterprise Fund, the Business Attraction Fund, and the Business and Market Development Program.
Newfoundland’s population has increased according to Statistic’s Canada. The population has grown by 2,484 over the past year to 508,925. This increase might not seem like a big number, but Newfoundlander’s are accustomed to a decline in population year over year.
From April to June 2009, Newfoundland and Labrador’s population climbed 0.28%, the highest second-quarter growth rate since 1983. In contrast to the other Atlantic provinces, the increase was mostly attributable to a net gain in interprovincial migration. It was also the fourth consecutive quarter in which Newfoundland and Labrador has posted gains in its exchanges with the other provinces and territories.
On July 1, 2009, Canada’s population was estimated at 33,739,900. In the second quarter of 2009, Canada’s population grew by 121,200 (+0.36%)
Alberta was the Western province with the fastest demographic growth rate from April to June 2009, at 0.59%.
From April to June, Prince Edward Island had the fastest demographic growth rate in the Atlantic provinces at 0.53%
The seller’s market has certainly ended. Inventory has increased approximately 30 per cent and listings are taking longer to sell or expire (never sell during their contract period).
The St. John’s real estate market boomed during 2008, driven mostly by optimism created by the NL Government budget surplus, the Hebron oilfield announcement, and the Vale Inco Hydromet in Long Harbour. In light of this, speculating buyers purchased homes from all price ranges in fear of property values zooming sky high. The market cooled after the third quarter peak in 2008 and remained cool during the first quarter of 2009 causing the seller’s market to weakened into balanced market by the end of 2008.
Prices, however, remain quite stable even during our current cooling market conditions. According to Stats Canada, new housing prices in the capital city area increased by 0.4 per cent in March compared to February.