Property reassessment is a process that occurs every four years in many regions across the country, aiming to establish the current market value of properties for taxation purposes. In today’s episode, Adrian Trott and Ariel Kormendy discuss the factors that can influence property tax rates, including shifts in property values, budgetary requirements, and local economic conditions. Join us in delving into the possibility of property taxes going up and how this could impact homeowners and property investors. Watch Episode 243 now to learn more!
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0:20 – Intro
0:58 – Your property tax is based on your municipality’s tax rate
2:24 – MPAC kept the same assessed value of homes from 2020 due to COVID
4:19 – Your assessed value will depend on your property type in your municipality
8:01 – Consider your living expenses when looking at homes, not just the cost of real estate
11:06 – You can go on MPAC.ca to request a home reassessment
16:44 – Your home getting a reassessment becomes automatic when you apply for a permit
17:58 – Be mindful of the property taxes when buying a newly renovated home or a new build
20:00 – Outro/recap
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Want more real estate podcast discussions?
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