Latest Toronto Assessment Map (your taxes up or down?)

Glen · Oct 14, 2008

Here is a map showing the average assessment increases in Toronto. City wide the average is 5.4%, based on being 1/4 of the average 22% increase since 2005. Those above the average assessment increase will face assessment related tax increases, over and above normal budgetary ones.

http://files.newswire.ca/757/AssmntChange.pdf

c6422 · Oct 15, 2008

Can you clarify what you mean by the 22% increase? Are you saying a property that was assessed at $500,000 in 2005 with a current assessed value of $610,000 would not pay any additional taxes except for budgetary increases?

CDL.TO · Oct 15, 2008

A map by city ward? That's essentially useless. CT or FSA would at least have some value.

MegaMax · Oct 20, 2008

Is CT a census tract? That would make more sense. I'd expect to see big differences within those big areas, especially in some of the downtown wards

CDL.TO · Oct 21, 2008

MegaMax said:
Is CT a census tract? That would make more sense. I'd expect to see big differences within those big areas, especially in some of the downtown wards

Sorry for the jargon. Yes, CT is census tract.

4grand · Oct 21, 2008

We live in North York and we were recently informed that our taxes will be jumping up a few hundred percent. It's been a while since our property was assessed, and we've renovated since then as well, and apparently, our house is now worth 4 times what it was.

David Miller should burn.

Socialists look for reasons to spend money, not save it.

CDL.TO · Oct 21, 2008

4grand said:
We live in North York and we were recently informed that our taxes will be jumping up a few hundred percent. It's been a while since our property was assessed, and we've renovated since then as well, and apparently, our house is now worth 4 times what it was.

David Miller should burn.

Socialists look for reasons to spend money, not save it.

David Miller has no influence on what the value of your property is, and as such how your property value affects your taxes. None, nada, zippo, zilch.

Even if the city had froze taxes, your personal tax bill would still be jumping up a few hundred percent.

W. K. Lis · Oct 21, 2008

If one appeals their current assessment, will the current downturn in real estate prices result in a lower assessment?

Observer Walt · Oct 21, 2008

The assessed values now being sent out are as of January 1, 2008. The current downturn will have no effect.

You can of course appeal your assessment if you think it was too high. Do a little homework first though, to build your case.

Glen · Oct 21, 2008

c6422 said:
Can you clarify what you mean by the 22% increase? Are you saying a property that was assessed at $500,000 in 2005 with a current assessed value of $610,000 would not pay any additional taxes except for budgetary increases?

Yes. If Toronto decided to introduce a budget designed to bring in no property tax revenue and your property went up in value be the average (22%) you would pay no extra tax. The city would reduce the mill rate by 22%.

Urban Shocker · Oct 21, 2008

Got a horrible shock yesterday - my Winter Palace was apparently worth $525,000 in January. Someone should nominate these people for the Governor General's Award for Fiction.

Latest Toronto Assessment Map (your taxes up or down?)

Glen

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CDL.TO

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