In Manitoba, property is assessed at market value in accordance with The Municipal Assessment Act. Market value is the most probable selling price of the property had it been sold by a willing seller to a willing buyer. Regular reassessments ensure that property assessments keep pace with real estate market conditions, and taxes are distributed fairly to property owners.
Property in Manitoba is grouped into 10 property classes on the basis of use, and a portion of the assessment is taxed. Property classes and the portion of assessment that is taxed is established by regulation under The Municipal Assessment Act.
To learn more visit the Government of Manitoba website.