You and "YOUR" Property Tax Bill -- My Prescription Provided Pain Relief

By
Real Estate Services with My Time Is My Own

 

You and "YOUR" Property Tax Bill -- My Prescription Provided Pain Relief

 

By now you should have paid your final tax bill for the year and it likely hurt because it was up substantially from last year.

 

The question is - did you pay more than your fair share or less?

 

I felt I was going to be paying more than my fair share. The big red flag for me was that my assessment jumped 34.33%, more than double the average increase, while the average home's assessed value went up just over 14% .

While it is unlikely anyone who felt their home was under assessed would appeal their assessments many who felt they were over assessed took the time to do a little research and fought for some fairness in their assessment and the resulting tax bill.

For me it was a matter of going to the assessment open house to see if my Assessment Was Fair and Equitable. I was not surprised to find that there was no information available and that it really was only an opportunity to talk with an assessor to explain why I thought my assessed value was incorrect.

Luckily I went prepared and the assessor was willing to listen. She took my information as presented and told me she would review my assessment back in the office to verify my points.

Including several phone calls over the next little while I spent about 3 hours of my time before I agreed to the new assessment that she offered by way of minutes of settlement, this avoided the necessity of filing and going through the time consuming process of an appeal.

 

THE BOTTOM LINE

  • My total assessment was reduced by $38,000
  • My Savings the first year $129.34
  • My savings over the four years $1,293.37
  • My time was worth over $400.00 an hour.

My savings in this example over the four years is based on the four year phase in of our new assessments assuming the mill rate does not go up.

 

 

Wait For It - It Gets Better

  • If we assume a mill rate increase of 3.5% annually that savings gets better.
  • My Savings the first year $129.34
  • My savings over the four years $1,386.31
  • My time was now worth over $462.00 an hour.

My savings in this example over the four years is based on the four year phase in of our new assessments assuming the mill rate goes up 3.5% a year.

 

 

The Real Bottom Line

I won't really know for another three years until all the mill rates are set.


 

 

Stay Tuned --- . 


It will be interesting to watch what happens to 

 "Your" Property Tax Bill

With the phasing in of the province wide
re-assessment affecting your 2010 property tax bill.

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  1. Kathy Clulow 11/17/2009 12:05 AM
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Comments 12 New Comment

Rainmaker
117,206
Barrie Clulow
My Time Is My Own

Terry - That is part of the problem we do not pay for what "everyone" wants we pay for what the vocal few want

November 16, 2009 06:58 AM
Rainer
205,223
Sylvie Conde
Broker, Toronto Real Estate
Sutton Group-Associates Realty Inc., Brokerage

I always appeal these, and I've been lucky.  They've always looked at the 'evidence' and agreed to HUGE reductions.  I can hardly wait for the next one. :/

November 16, 2009 10:18 AM
Rainmaker
117,206
Barrie Clulow
My Time Is My Own

Sylvie - good for you it - pays to be prepared

November 16, 2009 03:08 PM
Rainmaker
333,351
Ty Lacroix
Envelope Real Estate Brokerage Inc

Barrie

As you have proved, very few people do appeal and if they did, it might make a few people accountable

January 10, 2010 07:26 AM
Rainmaker
117,206
Barrie Clulow
My Time Is My Own

Ty - if only.  Unfortunately all it really does is ensure you only pay your fair share. Politicians work backwards when budgeting they determine how much they are going to spend, then tell us how much it is going to cost us to meet their spending habits.

January 10, 2010 08:06 AM
Rainmaker
117,206

Barrie Clulow

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