The property taxes that citizens pay are calculated in proportion to the value of the real estate property they own. Determining the value of a property for taxation purposes is known as assessment. Assessed values are a means of fairly distributing the tax burden and ensuring that each property owner pays a fair level of tax in relation to his/her neighbour. The taxation year runs from January to December each year. The Annual Tax Notice is mailed in May and is due at the end of June.