Home owners may see a double digit increase in the assessed value of their property according to MPAC's chief assessor Larry Hummel. Since 2008 the average value of property in Ontario has increased 18% which means property owners can expect to see, on average, a 4.5% increase in the assessed value of their property each year for four years.
The good news is that an increase in assessed value doesn't necessarily mean an increase in property taxes. This may be the case if the assessed value of the property has increased at the same rate as the average as the municipality.
See the whole article by the Trentonian's Ernst Kuglin here.
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