Getting Your Toronto Property Tax Assessment

This week, Toronto city council approved a 2.5 per cent residential tax increase for 2012. And to follow the example that all major local news outlets are using, this would add $60 to the current Toronto property tax bill for a home that is assessed at $447,090 – or what’s considered average.

Dust off the old calculator - should you get a Toronto property tax assessment?

Now, $60 isn’t a huge pile of money, but it’s still more than you were paying before. And, you might actually already be paying more than your fair share. Your property tax amount is based on your property tax assessment, which can be too high. An appeal of a property tax assessment that is too high can lead to literally thousands of dollars saved.

Homes along the residential streets of downtown Toronto are more likely to experience a tax assessment that is incorrect and too high. This is because in the sometimes monotonous suburbs, all the houses are of similar size and value because they were often constructed at the same time and by the same builder, as is the case with many neighbourhood developments. These homes are likely to all have the same property tax assessment and can be compared to one another easily.

In downtown Toronto, the homes are very unique and different across the board. You could have new construction, a single-detached older home and a small bungalow all on the same street.

If you’re concerned about your property tax assessment being too high, chat with nearby homeowners who live in homes similar to yours with respect to size, age and design. A discrepancy between tax assessments in similar homes could raise a red flag, but keep in mind that things you can’t see inside of the home – such as a brand new kitchen or master bathroom renovation – can also affect the home’s overall value and therefore the property tax assessment.

Note that for this tax year, the deadline to file a Request for Reconsideration (RfR) with the City of Toronto is April 2, 2012. This review is free of charge. Visit the City of Toronto website for more information.

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