Property Assessment 2014

[npham]

Did you guys receive yours yet? Tax rate went down, but my place appreciated enough(~8%) to make my taxes go up marginally. Anyone going to fight theirs?

[Twin_Cam_Turbo]

Well I just bought my place for $257000 in October and the city assessed it at $282500. Good thing or bad thing?

[403ep3]

Mine went up by about 6.4%

First time home owner so don't know what it means lol

[Mibz]

I'm under the impression that you want your assessment to be as low as possible while you live somewhere, to keep taxes low, and then skyrocket when you want to sell.

I would have a very hard time walking somebody through my house and being like "This is why my house is a piece of shit", though.

[Tik-Tok]

Originally posted by Twin_Cam_Turbo
Well I just bought my place for $257000 in October and the city assessed it at $282500. Good thing or bad thing?

Only good if you're planning a flip. Otherwise it means more taxes.

Mine assessment went up 5.5%. Unfortunately, when we start some big reno's this summer, we're going to need to pull permits. I suspect someone at the city will actually want to look at my house in person after that, and it'll go up significantly.

[Twin_Cam_Turbo]

Originally posted by Tik-Tok


Only good if you're planning a flip. Otherwise it means more taxes.

Mine assessment went up 5.5%. Unfortunately, when we start some big reno's this summer, we're going to need to pull permits. I suspect the city will actually want to look at my house after that, and it'll go up significantly.

Well it's my first home and I was intending to live there for a while but I am thinking I may sell after a year or two and split my profits/investment between two places again.

[ercchry]

nah, you always want it as low as possible, no one ever actually places a value based off of that number anyway... and a lower number makes it move attractive for a new owner the same as you want it low.... till the sale goes through at double the assessed value and you get hit with a big bill anyway

[max_boost]

Went up 7.5%.

About 5% under market value.

All good. I am never gonna move anyway lol 8.5 years here now.

[Xtrema]

Average assessment is 6% increase. If your assessment increase is over 6%, you will pay more taxes this year.

We already know the 5-6% increase in city taxes has been squashed for 2014. So that won't be a factor this year. Only assessment and provincial changes comes into play.

Our property tax system is too complex. why don't they just fix a rate (like 0.8%) can call it a day.

[lilmira]

My assessment went up ~8%, predicted property tax went up ~100bux a yr.

[guessboi]

Originally posted by ercchry
nah, you always want it as low as possible, no one ever actually places a value based off of that number anyway... and a lower number makes it move attractive for a new owner the same as you want it low.... till the sale goes through at double the assessed value and you get hit with a big bill anyway

Bang on.
My place is worth way more than my neighbours but their assessments are higher than mine. lol.

[Tik-Tok]

Originally posted by lilmira
My assessment went up ~8%, predicted property tax went up ~100bux a yr.

Lol, we go through this every year. Your taxes have not gone up yet. What you are seeing is an assessment, not a tax bill (even says so a few times on the paper)

You're tax bill will be more than $100 increase, when they come out with an actual tax rate in May.

[lilmira]

Originally posted by Tik-Tok


Lol, we go through this every year. Your taxes have not gone up yet. What you are seeing is an assessment, not a tax bill (even says so a few times on the paper)

You're tax bill will be more than $100 increase, when they come out with an actual tax rate in May.

I know that, that's why I said predicted. Sorry if you are offended.

[DEATH2000]

Mine was $386k for 2013 and is now $405k for 2014 which is what we actually paid for the house...

[rage2]

It's interesting that when I bought my house, it was more expensive than my next door neighbor's house, yet in the last 10 years, the neighbor's assessment has slowly crept up and is now $25k higher than mine. Neither of us have reno'd the house since new. Actually that's a lie, I got new siding and roofing last winter through insurance. I guess I'll have to keep my fence looking like shit till I sell the place to keep the taxes low.

Both were show homes, I have more square footage (120 sqft more), and both have undeveloped basements. Win.

[Tik-Tok]

Originally posted by Xtrema

Our property tax system is too complex. why don't they just fix a rate (like 0.8%) can call it a day.

Because I don't want to "subsidize" all you 1%'ers

[ercchry]

Originally posted by Xtrema
Average assessment is 6% increase. If your assessment increase is over 6%, you will pay more taxes this year.

We already know the 5-6% increase in city taxes has been squashed for 2014. So that won't be a factor this year. Only assessment and provincial changes comes into play.

Our property tax system is too complex. why don't they just fix a rate (like 0.8%) can call it a day.

One of the few times im happy with being below average... 3.7% bump!

I am over what i paid for it now though... still below market, but also still way more than my damn neighbors!

EDIT: spoke too soon, rental is up 7.1% officially over $100k more than i bought it for

[tch7]

Assessed at $201k. Market value is about $400k. Score.

[Cos]

.

[DEATH2000]

Originally posted by rage2
Both were show homes, I have more square footage (120 sqft more), and both have undeveloped basements. Win.

Its now trendy for ballers to have undeveloped basements.