Will residents of the city of Toronto take too kindly to an assessed value property increase of 5.5% in 2013? According to Joe Regina, the Municipal Relations Account Manager in the Municipal Property Assessment Corporation’s (MPAC) Toronto office, “Residential property values have increased by an average of approximately 22.8% in the City of Toronto since 2008, when the last Assessment Update was delivered,”
Due to this four-year phase in program, homeowners will see an average property value increase of 5.5% in 2013, and this phase-in program doesn’t apply to decreases in assessments for the 2013 property tax year.
5.5% property value increase affects over 700,000 homeowners
The assessment notices are being mailed out to over 720,000 homeowners this fall to make them aware of the province-wide Assessment Update. It is worthy to note, however, that an increase in assessment does not necessarily equate an increase in property taxes.
For those who require more details about the changes in home values across Ontario, you can visit MPAC.ca and check out the assessment update edition of MarketSnapshot.
5.5% property value increase reflects current market
“Our values reflect the local real estate market and confirm that most homeowners in the area have seen an increase in the value of their property over the past four years,” Regina said. “Property owners should ask themselves if they could have sold their property for its assessed value on January 1, 2012. If the answer is yes, then their assessment is accurate.
If not, we are committed to working with them to get it right,” Regina said.
For homeowners who believe that their assessment is incorrect, they can file a Request for Reconsideration and MPAC will review their assessment at no cost.
What do you think? Is this a good thing, or is this just the city’s way of increasing property taxes down the line? We want to know.
And if you plan to buy or sell a home, visit ComFree.com today.