Municipal Property Taxes - A quick rundown
MPAC
The Municipal Property Assessment Corporation (MPAC) is responsible for carrying out property assessments in Ontario. After each reassessment, MPAC sends property owners a Property Assessment Notice that shows the current value of the property as of the valuation date. MPAC provides municipalities with the same information consolidated in a document known as the assessment roll. Municipalities use this information to calculate property taxes.
After property owners have received their Property Assessment Notices, they may request that MPAC reconsider the assessed value of their property, if they believe it is incorrect. The procedure for requesting this reconsideration is described on the Property Assessment Notice itself. If MPAC agrees to change the assessment as a result of the reconsideration, there is no need to file a complaint with the ARB (Assessment Review Board). However, if MPAC does not agree to change the assessment before the cutoff date for filing complaints with the ARB (usually June 30th of the taxation year) a complaint may be filed with the ARB along with payment of the applicable filing fee (see Required Fees). Read more
Property taxes due for whopping rise
Ontario property owners will see a double-digit increase on their assessments because of the hot housing market and because the province’s property assessment freeze has lifted, an expert warns.
Maureen O’Neill, president of the Toronto Real Estate Board, says the median price of a detached home in the GTA has increased about 20 per cent since the last assessments were done in 2005.
Three years ago, the median price of a detached home in the GTA was $335,000. Today, it’s $403,000, O’Neill said.
Condominium and apartment owners will also see a whopping 27 per cent increase in their property assessments, she said.
In 2005, the median price of a condo or apartment was $192,000. Today, it’s $245,000, O’Neill said. Read more
Bill Gates and Retirement
Mr. Gates weighs his retirement options from a few of his close Hollywood friends. Wonder if there’s any chance he’ll take up municipal politics in the City of Vaughan. For that matter, I wonder whether he’ll just buy the City of Vaughan. It wouldn’t be the first time someone tried :-)
Enjoy.
Share your feedback on Vaughan hospital services
Vaughan Health Campus of Care
Attend the upcoming Vaughan Community Consultation Session on hospital service delivery at Vellore Village Community Centre on January 30th, 2008 from 7:00 p.m. to 9:00 p.m.
The public consultation will be faciliated by the Vaughan Health Campus of Care.
For further details, please click here
Record Year for the Toronto Real Estate Board
A healthy 4,646 sales in December propelled 2007 sales to a record setting 93,193 sales, TREB President Maureen O’Neill announced today. “Year-end sales are up 12 per cent over last year and up 11 per cent over the 84,145 recorded during 2005, the Toronto market’s previous best-ever annual performance.”
On a year-over-year basis, prices rose seven per cent to $376,236 from last year’s $351,941. The annual time-on-market figure stood at 32 days versus 2006’s figure of 34 days, meaning that over the course of the past two years it has taken homes within the GTA barely a month to sell on average.
Breaking down the total, 1,756 sales were reported in TREB’s 28 West districts and averaged $357,711; 1,057 sales were reported in the 14 Central districts and averaged $531,366; 771 sales were reported in the 23 North districts and averaged $420,508; and 1,062 sales were reported in TREB’s 21 East districts and averaged $302,113.
To view the full report click here -> TREB December 2007 Market Report
Source: Toronto Real Estate Board
Vaughan 2007 residential real estate sales recap
Average sale price in Vaughan (MLS District N08) for 2007 was $441K (2006 - $417K) resulting in an average selling price increase of 5.8%.
Combined condo (Apartment & Townhouse) average sale price was $299K in 2007 (2006 - $269K) resulting in an average selling price increase of 11.0%. Condo apartments alone resulted in an average sale price for 2007 of $298K in 2007 (2006 - $260K) resulting in a staggering increase of 14.6% year over year.
The results bode well for Condominium developers for 2008 as the trend toward contemporary, affordable and maintenance-free living continues its momentum in the GTA.
Best wishes for a healthy and prosperous New Year.
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Source: Toronto Real Estate Board
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