Average city home appraisal up 22%
March 24, 2009
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John Spears
CITY HALL BUREAU
This year's magic number for property tax assessment on Toronto homes is 22 per cent.
That's the average assessment increase for Toronto houses and condominiums between 2005 and 2008. The new assessments will affect how much your home is taxed this year.
With a 4 per cent overall tax increase likely to be approved a week from now, nearly every Toronto homeowner will be paying more in 2009. But whether you get an above- or below-average hike depends on where the increase in your assessment stands in relation to that 22 per cent.
If your assessed value has increased by more than 22 per cent, you'll probably be hit with a tax increase greater than 4 per cent. By the same token, those whose assessment increased by less than 22 per cent will have a smaller increase.
Where you live has a lot to do with it. Assessed values are supposed to be closely related to market values, so neighbourhoods where the real estate market has been hot – at least until recently – are likely to see stiffer increases.
The city has released ward-by-ward averages, reflected in the Star's map to the right. Central neighbourhoods had average or above-average assessment increases, while the outer suburbs tend to have below-average increases. The map shows local trends, but individual assessments can differ from the neighbourhood average.
The area that racked up the highest average assessment increase was Ward 30, Toronto-Danforth, where assessments jumped 33.4 per cent, followed by Ward 19, Trinity-Spadina, at 28.8 per cent.
The lowest increase was in Ward 8, York West, at 7.1 per cent.
The full assessment increases won't take effect immediately. They're being phased in over four years, to 2012.
Toronto Star