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Property assessment is the process of establishing a property dollar value for property tax purposes. Property tax is an ad valorem (according to value) tax, based on the priciple that the amount of tax paid should depend on the value of the property owned. Although income and sales taxes are the main sources of revenue for the provincial and federal governments, property tax remains the major source of local government revenue. Taxes collected by municipalities finances services such as garbage collection, water and sewer, snow clearing, road maintenance and fire protection. All properties in Gambo, both residential and commercial, are assessed by the Municipal Assessment Agency and are based on market values. An assessment to set the comparison base values is completed every three years, with with a new comparison base set for 2019.
The Municipal Assessment Agency determines the fair market value of the properties in a municipality. After all real property has been assessed, Council uses this information to set the mil rate. The mil rate is then used to establish individual tax bills. The local Council sets the rate, calculates and sends out the tax bill, and collects the taxes.
Invoices for taxes will be mailed out in January of the year of issuance. Business Tax is due by February 28th, Property and Poll Tax are due by June 30th and Water & Sewer Tax is payable monthly to be paid in full by December 31 of the year of issuance. If a balance is NOT paid in full by December 31 of the year of issuance a 10% interest charge will be applied to all remaining balances upon issuance of the new tax levy invoice.
- Tax payments can be made at the Town Office between 8:30am and 4:30pm, Monday to Friday. Payment methods accepted are: cash, cheque/money order, interac, VISA and MC.
- You can mail your payments (cheque/money order) to: Town of Gambo, P.O. Box 250, Gambo, NL A0G 1T0.
- Online banking payments can be made ONLY using Venture Credit Union accounts - please use your 8 digit account code. This unique code can be found on the upper left portion of your invoice and usually consists of 5 letters and 3 numbers.
- Direct payments by mortgage holder of the property.
For further information on taxation, contact the Town Office at 709-674-4476 or email email@example.com.
For further information on assessments, contact the Municipal Assessment Agency.