Sky-Rocketing Property Values Means Higher Property Taxes
Many local Westboro-Wellington residents face BIG property tax increases as a result of much higher assessments in the value of their homes by Ontario’s property tax assessment office.
Ontario’s Municipal Property Tax Assessment Corporation (MPAC) sent new assessments to local home-owners in October telling them what MPAC thinks is the market value of their home. The assessments are updated every four years and are used to calculate municipal property taxes. Assessments that are higher than the City of Ottawa average mean higher property taxes.
Assessments in Westboro-Wellington neighbourhoods increased an average of 34.5% since 2008, the highest of any neighbourhood in Ottawa. This means hefty increases in property taxes for local residents.
If you want to see how MPAC valued your home relative to other properties in your neighbourhood, go to MPAC’s site AboutMyProperty.ca. You can file a Request for Reconsideration and file an appeal if you disagree with MPAC’s assessment of your home.Tags: Investing, Ottawa Realtor John King, The John King Team Ottawa, Westboro Property Shop, Westboro Real Estate
This post was written by Heather