Tag Archives: property assessments
Andrew Livingstone – Toronto Star
Homeowners in the Davenport and Willowdale neighbourhoods will likely end up paying more property tax next year, based on recent assessments.
But they’re also the neighbourhoods with the highest increases in property values.
“Our values are consistent with the trends and patterns in the real estate market,” said Joe Regina, with the Municipal Property Assessment Corp. which assesses properties across the province. “These are generally in high demand (and) it’s outpacing their supply.”
The assessments, which are done every four years, will be used to calculate property taxes in 2013. To cushion the impact, the increased assessments are phased in over four years, with the average assessment going up 5.5% per year to reach the full amount in 2016.
The key to determining a tax bill is where a property ranks with respect to the average in the municipality. If the increase in assessment has been above average, the homeowner will see a tax increase; if it’s average there will be no change; and if it’s below average, the resident will get a tax decrease.
Homeowners in hot real estate neighbourhoods are at highest risk of seeing their property taxes go up in 2013.
Davenport ranked highest out of Toronto’s 44 wards with an increase of 33.72%. Wards 23 and 24, both in Willowdale, were the next highest with 31.44% and 29.56% increases, respectively.
Property assessments in Trinity-Spadina rose 29.25%, Rosedale jumped 28.73%, and Parkdale-High Park was up 27.03%. Rouge River in Scarborough recorded a 27.41-per-cent jump in assessed value.
Wards in North Etobicoke, Centre Etobicoke and York West were well below the average. Assessed value of York West properties increased 13.98% (Ward 8) and 14.97% (Ward 7). In Etobicoke North they rose 15% (Ward 1) and 16.03% (Ward 2), while Etobicoke Centre wards increased 16.64% (Ward 3) and 17.39% (Ward 4).
Due to the variety of buyers in the market it’s hard to pinpoint what areas will be hot, however neighbourhoods in the vicinity of the subway lines are popular for first-time buyers, said John Pasalis, president of Realosophy Realty.
“These areas are most affordable,” Pasalis said. “Neighbourhoods like the Dovercourt area, they’ll be popular.
An area with houses around $600,000 or close to downtown and near the subway will be in high demand, Pasalis said, adding some areas in the east end, like Leslieville, remain affordable, but he imagines that won’t last long.
Pasalis said “blue chip” areas will remain in high demand for second-time buyers and families looking to upgrade and focus on quality schooling.
“Davisville, Riverdale, the Beach, they’re still within reach for most second-time buyers,” he said. Houses in the $750,000 to $850,000 range are still available to dual-income families with kids in those areas, he added.
Sales in condo-centric areas like Liberty Village and City Place will slow in the coming years, Pasalis said.
If the market cools and prices begin to dip, condo owners looking to upgrade to something bigger might be caught in a tough spot, he said.
“Some young condo owners are buying houses first before selling their condos and they end up being in a pinch if it doesn’t sell on time,” he said. “It’s already starting to create challenges for some people, and I think that’s going to continue.
Contact the Jeffrey Team for more information – 416-388-1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
Incoming search terms
Catherine Farley – Yourhome.ca
Pssst… wanna buy Toronto? Got a cool $254 billion?
That’s the total value of Toronto’s 573,948 single family homes, according to the property assessments, although in our current, overheated real estate market the actual sales figure could be 20% more. That huge number is based on an exclusive Star analysis of the Municipal Property Assessment Corp’s (MPAC’s) property assessment data.
Our number-crunching provides a snapshot of Toronto real estate that’s never been taken before, and has unearthed some startling statistics:
* The biggest house in the city, with more than 31,000 square feet of living space, is 100 times the size of the smallest, with a mere 294.
* Condo buyers are increasingly paying more for less. Assessments for newly built condos have skyrocketed to more than $400 per square foot — 40% above the overall average of $288 — while the size has dropped 20% over 10 years to an average of 795 sq. ft. in 2008.
Comment: And now we have one-bedroom condos under 500 square feet and two-bedroom condos under 700 square feet. I would love to see the average size of the condos built in the last 3 years or so.
* More than 4,600 condos are less than 500 square feet.
* The assessment rate for new detached houses — which are being built bigger — is 10% above the overall average at $300 per square foot.
* New, semi-detached houses offer the best deal per square foot. Assessment rates are less than $200 per square foot, 20% below the overall $251 average.
* In 39 of Toronto’s 532 census tract neighbourhoods, the average assessed value of a detached house is more than $1 million. Across the city, 24,000 detached houses are assessed at more than $1 million — and 33 at more than $10 million.
* In 20 neighbourhoods, the average assessment is less than $300,000, and in one area, less than $200,000.
* The largest condo in the official records is more than 8,000 square feet, 40 times larger than the smallest, with less than 200 square feet.
* The average assessment of single-family homes in Toronto is $442,935, based on the estimated resale price in January 2008. The average resale price of single-family homes in Toronto in the past year was $447,609, and for April was $479,340, according Toronto Real Estate Board figures.
These numbers paint an extremely detailed portrait of Toronto property values.
Incoming search terms
Property owners to get a fairer assessment appeal system
A fairer property tax appeal system is expected with changes announced by the provincial government. The changes mean the onus of proof on property assessment appeals is reversed so that, when a property owner appeals an assessment, the Municipal Property Assessment Corporation (MPAC) would be required to prove the accuracy of the new assessment.
The government move follows the Ombudsman’s recommendation that this measure would enhance the fairness of the appeal process. The legislation would place the onus on MPAC to prove the accuracy of property assessments that are appealed to the Assessment Review Board (ARB).
The government also intends to introduce legislation to implement changes to the assessment appeal system announced in the 2007 Budget — changes designed to create a more streamlined and transparent appeal system. A key proposed change would make the Request for Reconsideration (RFR) program the first stage of the appeal process for property owners. The RFR, which is free of charge, encourages the sharing of information between MPAC and the property owner, and provides taxpayers with the opportunity to resolve their concerns directly with MPAC in an informal setting.
The Ministry of Finance is also working with MPAC and the ARB to disclose valuation information to taxpayers about their property assessment in a timely way. This will help property owners review the accuracy of their assessment, decide whether to engage in the RFR process, and prepare for their hearing if they decide to appeal to the ARB.
These measures are proposed to take effect for the 2009 taxation year. Details about the proposed new appeal procedures and deadlines will be communicated to property owners in the coming months, prior to the 2009 implementation date.