Property class is the category assigned to a property for taxation purposes, determining which tax rate applies. Common classes include residential (houses, apartments), commercial (stores, offices), industrial (factories, warehouses), and farmland. Different property classes typically pay different tax rates, with commercial and industrial properties often taxed at higher rates than residential. The property class affects how much tax you pay even if assessed values are similar. Provincial assessment authorities assign property classes based on how the property is used. Some properties may be reclassified if their use changes, such as when farmland is developed for housing.