Worried about your property taxes are getting high because of the rising home prices? Here has a good news for you!
Fight City Hall on property taxes—and win
Half of homeowners who appeal their property assessments get them lowered
By Sean Cooper | From MoneySense Magazine
Nervous that your recent property tax assessment may lead to a hike in taxes? Home prices in many Canadian neighbourhoods have soared lately, which could eventually lead to higher tax bills. But if you choose to fight your assessment, there’s a good chance you’ll be successful. In Ontario and B.C., for example, 50% of homeowners who appeal their property assessments are able to lower the assessment’s value.
It helps to understand how the system works. Generally, if your assessment value goes up by less than your municipality’s average, you won’t face a tax increase; if your home value rises more than is typical, it could lead to higher taxes. It can also hurt your resale value if you’re paying more than neighbours who are living in similar homes.
If you suspect your assessment is too high, contact your municipality’s assessment corporation. Often there’s a straightforward way to appeal, but keep in mind there are deadlines you need to hit. The key to winning is to find other properties like yours that sold at the time of the assessment date for less than your assessed value. You’ll also want to point out things that make your house less desirable, such as proximity to a railroad or major street.
If you are interested in renovating, buying or selling your homes, please contact Eric Tiftikci.
If you are interested in getting the latest information about property in your neighbourhood, please Sign Up Here.
By Antiao H