MPAC says it’s seen an 18 percent increase in property values in Ontario
Posted by news | Filed under All News Stories, Durham, GTA, Toronto
Ontario home owners will be receiving their assessment this fall. According to the province’s Municipal Property Assessment Corporation, there’s been an 18 percent spike in the value of homes since the 2008 assessment. Chief Assessor Larry Hummel says in the GTA, the increase can partly be blamed on the influx of immigrants, as well as the low interest rates. Hummel says just because your home is valued higher doesn’t necessarily mean you’ll pay more, because if your community has experienced similar growth then your property taxes shouldn’t change. Meanwhile, home owners can go online to view information about their property, and similar homes in the community. If after reviewing, they feel there is something wrong with the assessed value of their home, they can take up the issue with MPAC.
