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Toronto homeowners to receive new municipal property tax assessments

from Inside Toronto

The good news is that most Toronto homeowners have gained some equity over the past four years. The bad news, according to the numbers crunched by the Municipal Property Assessment Corporation, is that many of those homeowners will be paying for that in the form of higher property taxes. On average, Toronto homeowners have seen a 22.8 per cent increase in their assessments since 2008 — the last time the provincial property assessment company looked at property values across Ontario. The property assessments are a crucial part of setting property tax rates. While municipal councils can set the rate of annual increase for the overall tax rate, the amount each property pays is based on its assessed market value. more

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