A Notice of Assessment is a statement sent by tax authorities to taxpayers indicating the amount of tax they owe. It is an annual statement that includes details such as the amount of tax refund, tax credit, and income tax already paid. The notice also lists deductions from total income, total nonrefundable federal tax credits, total provincial nonrefundable federal tax credits, and other figures. In Canada, taxpayers have 90 days to formally object or make amendments to any of the information on the notice. The notice also indicates whether an individual or business is subject to an audit
. In the case of property assessment, the notice indicates what the local assessor determines the property is worth and how much of that value is taxable. It does not indicate what the taxes will be for that year. The assessed value represents 50% of the estimated market value of the property, and the taxable value is the product of the previous year's taxable value increased by the Consumer Price Index unless there were physical changes to the property. The taxable value can never be higher than the assessed value. Property is classified according to its primary use, such as residential, commercial, industrial, agricultural, and so on
