jason in toronto

You may not remember this, but two years ago the Ontario government put a freeze on all property tax assessments for two years. This was because the assessment organization, MPAC, was forced to review all their policies and procedures after an investigation found that the assessment system was “secretive, inaccurate and unfair.”

Now that the review is over, MPAC is back in the business of assessing your property. What’s happened to your property over the past two years? My bet is that it went up - and significantly. Ontario average property values are up 20% during that period and hot markets like Toronto are up even more.

Unless your municipality has lowered the rate of property tax (which is HIGHLY unlikely) you’ll be getting a nice fat bill in the mail in about a week that will be demanding 20% more taxes than you paid last year.

This entry was posted on Wednesday, October 1st, 2008 at 5:34 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.