Sunday, October 26, 2008

Property Assessment Notices are in the Mail

City of Toronto property taxpayers will see an average assessment increase of approximately 5.4 per cent in 2009 as a resultof the four-year phase-in of assessment increases introduced by the ProvincialGovernment.

"Residential property values have increased by approximately 22 per cent in the City of Toronto since 2005, when the last assessment update was done. Because of the four-year phase-in introduced by the Provincial Government,property taxpayers here will see an average assessment increase ofapproximately 5.4 per cent next year," said Joe Regina, Account Manager, Municipal Relations, in the Toronto office of the Municipal PropertyAssessment Corporation (MPAC).

An increase in assessment does not necessarily mean an increase inproperty taxes. If the assessed value of a home has increased by the samepercentage as the average in the municipality, there might be no increase inthe property taxes paid by a property owner.

Property Assessment Notices in the mail to 668,000 property owners in the City of Toronto in first assessment update since 2005.

If you feel that the assessment is excessive, you can appeal this yourself. William Tatsiou, former member of the Assessment Review Board and solicitor posts; How to successfully appeal your assessment and reduce your taxes without a lawyer. For residential appeals.

The Toronto Times published a point by point summary of the steps and details required.

There is, it might seem a municipal conspiracy against real estate in Toronto. In 2008 we have seen the introduction of the Toronto Land Transfer Tax, proposed increases to developments charges ( lot Levy) of in the range of 122% effectively doubling the levy costs of each new unit brought to market, and the release of MPAC to increase property values that were previously frozen for 5 years.

With a softening market in Toronto, the additional fees and surcharges are a direct impediment to new buyers and move up buyers in the Toronto GTA. This creates and opportunity for buyers to consider municipalities like Mississauga and Oakville for their housing needs.

I invite you to contact me with a comment or a shopping list of your housing needs.

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