Property taxes set to rise in Toronto
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If you’re thinking of buying a property in the Canadian city of Toronto then you could shortly face a higher tax bill. Property taxes in the Ontario city are set to rise thanks to a 22.8 per cent rise in the average value of a property in the city since 2008.
With property taxes linked to the value of homes, this latest assessment is set to see Toronto property owners pay over 5 per cent more in property taxes next year. We look at that this means if you are considering buying a property in Toronto.
Rise in values may not mean a tax hike
Canadian Business reports that the average value of Toronto homes has risen 22.8 per cent since 2008 – the last time a property assessment was undertaken in the city. Now, a report released by Ontario's Municipal Property Assessment Corp. (MPAC) says that property owners will see an average assessment increase of 5.5 per cent in each year for the next four years as it phases in the increases.
Joe Regina, municipal relations account manager in MPAC's Toronto office, said: “Residential property values have increased by an average of approximately 22.8 per cent in the City of Toronto since 2008 when the last assessment update was delivered.
