That's nothing, I've seen places go up 50%+.
Yesterday's mail was Reassessment ... not Property Taxes. Your property taxes might not necessarily go up as much.
Generally speaking I thought assessed values should be lower than market value?Originally posted by Klubmasta Will
mine went up 23%.
i would complain but, really, it's in response to property value going up, so i can't complain too much. still, they have pegged my unit at a value that would be aggressive for any seller, so i was debating doing something about it.
that's normally the case, but i think MPAC has been trying to rectify that by using the 'current value assessment' method. here's the description in the MPAC faq:Originally posted by coleridge
Generally speaking I thought assessed values should be lower than market value?
Well I guess it's good for us then as ours came in moderately lower than it's market value. Still a big jump around 20%.Originally posted by Klubmasta Will
that's normally the case, but i think MPAC has been trying to rectify that by using the 'current value assessment' method.
your property tax is based on a simple formula = municipal tax rate x assessed property valueOriginally posted by rejenerate
What he said. The mailing says that your taxes may not actually go up.
If a municipal government makes a statement along the lines of "there will be no increase in property taxes this year", are we to assume that only means that the "municipal tax rate" in the above formula remains unchaged, but the tax payable will increase according to the change in the assessed property value?Originally posted by Klubmasta Will
your property tax is based on a simple formula = municipal tax rate x assessed property value
Probably because you own a condo, and those rise the least.Originally posted by mcbee
mine went up by 7%, so i feel blessed
the value of the property is still less than i'd like it to be tho