Property owners across the province are opening their latest assessments and in many cases are getting a shock.

Municipal assessments have gone up significantly in many areas, with some homeowners reporting increases in the tens of thousands of dollars.

The Municipal Assessment Agency provides assessments to all municipalities in the province outside St. John’s, since the capital city does its own.

The agency’s CEO and executive director, Don Hearn, says assessments are based on market values and the prices that properties in an area were fetching as of Jan. 1, 2023.

He says a number of factors impact assessments, including age, condition and location of the property, as well as what other homes are selling for in a given area.

Hearn says it’s the same process that’s used in a mortgage appraisal.

“The only difference is we’re doing it on a mass appraisal approach.”

He notes any significant changes after January 1st, such as the recent closure of the Canning Bridge in Marystown, would not be reflected in this year’s appraisal, but would be next year.

And Hearn says anyone unhappy with their appraisal can always appeal.

There is a 60-day window to do that, with a $25 fee for residential and $100 for commercial properties. Those fees may be returned or refunded if the assessment is overturned.