Property assessments on the way up for urban areas
According to the Municipal Property Assessment Corporation, assessments are up an average of 21 per cent
Homeowners in Sudbury’s urban areas may be in for some sticker shock when they get their property assessment notices in the mail this week.
When the last notices from the Municipal Property Assessment Corporation (MPAC) came out in 2008, values in Sudbury jumped 55 per cent — one of the biggest increases in the province. This time around, assessments are up an average of 21 per cent, according to MPAC’s Darryl Bender.
"If you have a house on water in the city, you are looking at a 35.83 per cent increase," he said. "It really comes down to a supply and demand issue. They simply aren't making anymore waterfront."
Bender noted the big jump in assessments last time around led to more complaints.
About 1,800 people in Sudbury challenged their numbers and about a quarter of those assessments were adjusted. MPAC assesses homes every four years for tax purposes.
An increase in assessment doesn't necessarily lead to a tax hike, however. The increase depends on the tax rate set by municipalities and how one’s property compares to the average property.
Notices for other northern cities will be released through the fall. But Bender said — for those who live in urban centres — people can expect their assessments to be up.