Toronto homeowners will see the assessed value of their property increase by an average of 5.5% in 2013, according to Municipal Property Assessment Corporation’s (MPAC).
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“Residential property values have increased by an average of approximately 22.8% in Toronto since 2008,” says Joe Regina, municipal relations account manager in MPAC’s Toronto office.
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Property Assessment Notices are now being mailed to more than 727,000 Toronto-area property owners.
An increase in assessment doesn’t necessarily mean an increase in property taxes. If the assessed value of a home has increased by the same percentage as the average in the municipality, there might be no increase in the property taxes paid by owners.
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Homeowners can check the accuracy of their assessment at www.aboutmyproperty.ca. If the assessment is not correct, they have the option of filing a Request for Reconsideration and MPAC will review their assessment free of charge.