Have you received your Property Tax bill yet?
If not, it will arrive by mail any day now.
What affects your property tax rate? What should you do if you want to challenge your property's assessed value?
HOT TOPIC: PROPERTY TAXATION
February 2012 - Have you received your 2012 (interim) property tax bill by mail yet? If not, it will arrive any day now. Here’s what you need to know about what you pay and why:
Your property taxes are affected by:
the education tax rate (set by the Province)
the municipal budget (established by your Municipality)
the municipal tax rate (set by your City/Municipality)
your property’s assessed value (determined by MPAC).
What can you do to about your property taxes?
1) Prevent an increase in your municipal tax rate.
Municipal governments across Ontario are currently formulating and approving their annual budgets. Local spending decisions being made NOW will directly affect your property tax bill. Every property owner and resident should be paying attention.
NOTE: the tax bill you are receiving now is based on an INTERIM rate, but this will change, pending municipal budget decisions. Read more about MUNICIPAL BUDGETS and how to get involved in your local budget-setting process...
2) Challenge your MPAC assessed value.
It is not too late to appeal the assessment used for 2012. We are in the last year of a 4-year assessment cycle, where assessed values have been phased in equally each year since January 1, 2008. Later this year (likely November 2012), new assessments will be announced by MPAC. These values will be used to calculate your taxes for 2013. FOCA will keep you apprised as information becomes available.
In the meantime, the value to be used in 2012 can be challenged, if you commence that challenge before March 31, 2012. To do so, you must develop a rationale as to why you believe your property has been overvalued as at January 1, 2008 – NOT what may have transpired since. Read more about submitting a “Request for Reconsideration” to MPAC by March 31, 2012.
More Information on the FOCA Website
A big thank you to the folks at FOCA for the information.
While you are on their site please sign up for the elert news letter