TORONTO — The average value of Toronto homes has risen 22.8% since
2008 and property taxes could rise as a result, according to the latest
assessment by Ontario’s property appraisers.
The report released Friday by Ontario’s Municipal Property Assessment
Corp. said property owners will see an average assessment increase of
5.5% in each year for the next four years as it phases in the increases.
“Residential property values have increased by an average of
approximately 22.8% in the City of Toronto since 2008 when the last
assessment update was delivered,” said Joe Regina, municipal relations
account manager in MPAC’s Toronto office.
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