Property Tax Increase Notice

[MsMe]

Did anyone else get an increase notice? I just got my notice. According to my calculations my property taxes will be increasing almost $300 for the year 2009.

[omro]

Originally Posted by MsMe

Did anyone else get an increase notice? I just got my notice. According to my calculations my property taxes will be increasing almost $300 for the year 2009.

Wow, that's a lot, from how much to how much?

Is there any reason for the increase?

[ryan_mcgreal]

Originally Posted by omro

Is there any reason for the increase?

RHVP + Zero percent business assessment growth for 2009.

[omro]

Originally Posted by ryan_mcgreal

RHVP + Zero percent business assessment growth for 2009.

RHVP?

[FairHamilton]

I believe what you have is a notice of Property Tax Assessment; http://thespec.com/article/436868

From the article;

MPAC insisted that an increase in assessment would not automatically translate into an increase in property taxes, which are set by local municipalities.

If the assessed value of a home has increased by the same percentage as the average in the municipality, there "might" be no increase in property taxes for that homeowner.

I know that's a pretty big (and unbelievable) 'might'.

[FairHamilton]

Originally Posted by omro

RHVP?

Red Hill Valley Parkway. It cost the city a lot of money to build. Wait until the bills for the Lister Block start coming in, and they'll be coupled with the City Hall renovation.

[MsMe]

Plus the city filled a ton of potholes recently. Plus the bus routes I believe have expanded and I'm sure more routes will be added as time goes by when more areas are being built up. etc etc.

[MsMe]

Originally Posted by FairHamilton

I know that's a pretty big (and unbelievable) 'might'.

Got that right FairHamilton.

And yes the redhill parkway hasn't been paid for by us taxpayers yet.

I still wish I could move to Selkirk Ontario where tax increases are much less. But things didn't work out the way I had planned and hoped for.

[omro]

Originally Posted by MsMe

Plus the city filled a ton of potholes recently.

Thought the city had gotten some government money for those.

[Dundasguy]

If you look at the breakdown of your tax bill, you will notice that the largest proportion of the money goes to Policing and Social Programs.

[Blurr]

Originally Posted by MsMe

Did anyone else get an increase notice? I just got my notice. According to my calculations my property taxes will be increasing almost $300 for the year 2009.

Ouch - not looking forward to looking in my mailbox...

[FairHamilton]

We got ours as well. The house we bought in February 2008 (closed in March 2008) for $170,000, has a January 1st 2008 assessed value of $197,000.

Either we got a really, really great deal, or I'm going to appeal........

[MsMe]

Originally Posted by FairHamilton

We got ours as well. The house we bought in February 2008 (closed in March 2008) for $170,000, has a January 1st 2008 assessed value of $197,000.

Either we got a really, really great deal, or I'm going to appeal........

It's all about us paying more taxes. Don't forget the market is going into a slump, so how can they justify that huge increase in the property values? Now you see what I meant in my other post. No way my tiny house is going to be worth $131,000 in this area, up from $113,000. Which is what they are going to evaluate it at.

I bet most of this is going to be paying for the Redhill Parkway.

[raisethehammer]

Originally Posted by FairHamilton

We got ours as well. The house we bought in February 2008 (closed in March 2008) for $170,000, has a January 1st 2008 assessed value of $197,000.

Either we got a really, really great deal, or I'm going to appeal........

you appeal that immediately.
The assessed value is ALWAYS less than market value. That assessment is borderline criminal.

[MsMe]

Originally Posted by raisethehammer

you appeal that immediately.
The assessed value is ALWAYS less than market value. That assessment is borderline criminal.

I didn't look at all of the info the envelope yet but is that info on how to appeal in there RTH?

[markbarbera]

Fairhamilton, some things to consider to determine if you may have grounds for appeal:

Firstly, go online and see the assassment for houses in your neighbourhood. Assessments are based on the average value of the property in your neighbourhood, not on purchase price. If your home is assessed at a value greater than the area average, you mat have grounds for appeal.

Secondly, compare your property's qualities to those of your neighbouring property. If your assessment is higher than your neighbours, it may be due to a larger lot, larger home, or higher quality home (i.e. all brick 2-storey vs. bungalow with aluminum siding). However, if your home or property is smaller than neighbouring homes but you have the same assessment value, you may want to appeal.

It is not unusual for a house to be assessed at a greater value than its purchase price. Remember, when market value assessment was introduced in Hamilton, the real estate in the lower city was seriously undervalued. As the resale averages rise so will the assessments. In areas where prices of late have increased dramatically, the assessment would leap as well. Believe me I know, my own assessment arrived and it has increased over 2005 by 25%.

You may want to invite a realtor over to do a walk-through and give you an estimate on the price of your home. You may have been in the right place at the right time when you bought. Perhaps you did get a great deal for that area.

If you have gone over these considerations and feel you have been wrongly assessed, start of by putting in a request for reconsideration. I would go that route before an appeal seeing that a reconsideration request isn't going to cost you anything. An appeal will cost you $75, and you can always do an appeal if the reconsideration request is denied.

Good luck with it...

[FairHamilton]

Originally Posted by MsMe

It's all about us paying more taxes. Don't forget the market is going into a slump, so how can they justify that huge increase in the property values? Now you see what I meant in my other post. No way my tiny house is going to be worth $131,000 in this area, up from $113,000. Which is what they are going to evaluate it at.

I bet most of this is going to be paying for the Redhill Parkway.

You are confusing this as being from the city. It's not, it's from MPAC which assess homes across the province. The mill rate is what the city sets to pay for things in the city like the Redhill Parkway.

It's the mill rate the city uses against the assessed value to determine your yearly taxes.

[FairHamilton]

I took a look online on MPAC at some of my neighbours, but there's really no rhyme or reason to what the assessment are in relation to the houses. The house that's been vacant for 20 years and is now a gut to the brick wall and rebuild with the same lot size is assessed at $11K more than ours, lol.

The property just up the street with 4 rental units (4 kitchens, 4 bathrooms, etc), and a lot size 2.5' wider than ours, is assessed at $11K less than ours....

[ryan_mcgreal]

Originally Posted by MsMe

Don't forget the market is going into a slump, so how can they justify that huge increase in the property values?

The assessment is always based on past performance, not on a projection of future property values.

[oldcoote]

Originally Posted by raisethehammer

you appeal that immediately.
The assessed value is ALWAYS less than market value. That assessment is borderline criminal.

ummm, no its not.

I might be the only person whose assessment is bang on market value.

And mine went up 47% during the last assessment. I appealed and lost.

And yes, I am still pissed about it.