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Slump no reason for valuation appeals

'Just because everyone gets an assessment rise, doesn't mean taxes will increase,' Toronto's budget chief says.

The economic down-turn that is pummelling Toronto's real estate prices provides no grounds for home owners to appeal their latest valuations, the Municipal Property Assessment Corporation says. The good news, however, is that any discrepancy is unlikely to affect the bulk of property taxes in Toronto. The assessments are based on property values at January 1, 2008, long before the real estate market woes hit.

Premier Dalton McGuinty has called on municipal governments to "act reasonably and responsibly" and recognize that residents are receiving "perhaps ... an unrealistic assessment."

See the full story in the Toronto Globe and Mail »

December 20, 2008 in Toronto Real Estate Taxes | Permalink

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