When an assembly is consolidated into one lot:
- Assessed value goes up 10-15%
- Additional School Tax (AST) will likely become applicable or increase
AST for Qualifying Residential Properties: 0.2% of value $3M to $4M and 0.4% over $4M.
As an example, let’s take 4 lots in Richmond with each lot worth $3,000,000. Based on 2024’s mill rate on Class 01 which is 3.04, total tax will be approximately $36,488 (NO AST is applied).
If lots are consolidated, value will be increased to $13,800,000 approximately. Taxes will be approximately:
| Base Tax: | $41,962 |
| AST: | $41,200 |
| Total: | $83,162 |
If you or your clients have questions, call Peter at 604-733-3282.