The 2019 assessments for homeowners in St. John's were released on Monday, with an overall downward trend.

But despite an average 4.17 per cent drop in assessments, homeowners can still expect to pay more in taxes.

"We have been working over the past months to identify as many opportunities for savings as possible," said Coun. Dave Lane in a news release.

"Based on early predictions and a review of property values, the majority of home owners could have a tax increase of less than $10 a month."

Total municipal property values have gone down from $15.9 billion last year to $15.5 billion this year. However, the city anticipates an increase in the mill rate — currently 7.3 mills — of between 0.4 and 0.6 mills.

That would mean an increase of roughly five to eight per cent to the mill rate, meaning the average homeowner will pay more. The 2019 mill rate will be announced when the city releases the 2019 budget next month.

Average homeowner will pay more

For example, if someone's property was assessed at $200,000 in 2018, that person paid $1,460 in taxes for the year. A drop of 4.17 per cent would lower that value to $191,660. A mill rate increase of 0.4 mills would mean a 2019 tax bill of $1,475.78, about $1.32 per month more. An increase of 0.6 mills would mean $1,514.11 in taxes, an extra $4.51 per month.

For someone with a $350,000 home, 2018's tax bill was $2,555. A drop by the average amount would mean a value of $335,405 and a 2019 tax bill of $2,582.62 with a 0.4-mill increase ($2.30 a month extra) or $2,649.70 under an increase of 0.6 mills (an extra $7.89 a month).

Assessments are done every three years, and the current round reflects a drop in market values since January 2014 — the date the last assessments were based on.

"Assessors are trained and accredited to provide an accurate, independent and thorough valuation of the city's more than 43,000 properties," the city's news release said. "A number of factors are used to determine property value, including neighbourhood market data, sale history, permits for renovations, additions and site visits."

Coun. Dave Lane is the city's lead councillor for finance and administration. (Jeremy Eaton/CBC)

While residential properties saw an average decrease, commercial properties saw a slight increase, up by 1.72 per cent.

"Although the overall trend is down for residential properties and up for commercial, it is important to note that property assessments are a very individual thing and each property owner will need to examine their own assessment," Lane said in the statement

"While there can be many reasons for a change in value the goal is to ensure properties are assessed correctly."

The city had previously been criticized for having assessments far above market values. Many houses listed for sale had assessment values more than $50,000 over the asking price.

Homeowners concerned with their current assessment are asked to contact the city's assessment division at 576-8929. The deadline to appeal has been extended to Jan. 31.

Read more articles from CBC Newfoundland and Labrador