Toronto residents have been hit hard this year with the average property value assessment in Toronto increasing by 22% (the highest at 33% in the Danforth area) which will be phased in over the next four years. The assessments have been conducted after a 3 year freeze.
MPAC assesses property values based on location, lot dimensions, living areas, age, and quality of construction of the home. Adjustments are also made for any large reno's or additions. The adjustment is based on what the property could have potentially sold for on January 1st, 2008. On average we will be seeing a 4% increase in property tax because of this assessment.
Assessments can be challenged but the home owner must be prepared to offer up to 24 comparable properties to show the assessment is out of line with other homes in the area. Appealers can also request information on up to 6 recent home sales in your area. This info can be provided by MPAC.
