Toronto Tax Filter
March 30, 2009 5:48 PM Subscribe
I'm currently working on my request for reassessment for my Toronto property. Are there any generic reasons could I add to my list?
My assessed value was just above where the new city transfer tax would kick in; I think this places a cap on the value, and I do have some exterior renovations (roof, garage, etc.) that would lower the value.
But there were not a lot of sales on my street, (which is a mix of 20's and 40's) so there isn't much basis for comparison, and this seems to be how MPAC primarily sets their values.
My assessed value was just above where the new city transfer tax would kick in; I think this places a cap on the value, and I do have some exterior renovations (roof, garage, etc.) that would lower the value.
But there were not a lot of sales on my street, (which is a mix of 20's and 40's) so there isn't much basis for comparison, and this seems to be how MPAC primarily sets their values.
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The first time the "as of" date of the assessment happened to be the very same day I bought the place, and the assessment amount was much higher than what I actually paid for the place. So that was a slam dunk. They readjusted the assessment to the purchase price.
The second time I thought the assessed value was ridiculously high considering the little time that had elapsed since I bought the place, so I figured out the percentage value of the increase and made my case based on that. They lowered the assessment somewhat.
posted by orange swan at 6:52 PM on March 30, 2009