One of the common misconceptions I hear in my daily activities as a Kitchener Waterloo Realtor is the belief that property taxes on a corner lot are higher than similar interior properties. Formerly, in Ontario, this was the case as one of the primary determinants of assessed value was property frontage. Building setback requirements for homes on a corner lot are greater and therefore require more frontage. So more frontage used to equate to greater taxes.
However, that all changed as assessed values are now based on market value as determined by the Municipal Property Assessment Corporation(MPAC). MPAC reassesses property values in Ontario every 4 years. The most recent assessment was conducted in the fall of 2012 and the current assessment is based on a phased in value from January 1, 2012.
What are the pros and cons of living on a corner lot? That's a topic for another day for this Kitchener Waterloo real estate blog. Check back tomorrow as we look at life on a corner lot.
Until then, if you have real estate questions you need answers to, feel free to call, text or email 519-505-4488 firstname.lastname@example.org.