Ontario Property Assessment & Tax Increase
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Background To This Petition
By now most homeowners have received their Mpac property assessment.
Most property assessments have increased by at least 5% per year, for the next 4 years.
When assessing a property, Mpac analyzes property sales in your area and surrounding neighbourhoods as well as key factors such as location, lot dimensions, square footage of living area, age of the structure (adjusted for any major renovations or additions), quality of construction, and features such as fireplaces, garages, workshops, boathouses, and the number of bathrooms. Site features in urban and suburban areas such as traffic patterns, corner lots, proximity to a golf course, hydro corridors, railway or green space can also increase or decrease the assessed value of your property.
MPAC was fast to emphasize that “An assessment does not necessarily means that your property tax will increase”.
When we examine the MPAC property assessment, we realize that:
Most owners/occupied homes have not had improvements to their property but are receiving a large increase in property assessment. The increase in property assessment is mostly due to the speculations done by a small group of investors.
The municipalities benefit from the existence of property speculations that take place at the expense of owners/occupied homes.
By applying the increased property assessment values, the municipalities will likely increase property taxes and place a financial burden on the majority of homeowners and will make their property less saleable /affordable in the future.
Most municipalities have increased their property revenue due to the large number of new condos and homes built in the last four year.
The municipalities should find a way to tax speculators rather than punish all owners/occupied homes, by developing a two tier taxation that tax owners/occupied homes at no more than the rate of inflation and tax speculators/investors at a higher rate.
The Canadian economy is slowing down and Canadians are not receiving income increases at the rate of property assessment increase. Most incomes did not increase and any increase is less than the Canadian inflation rate of 1.8%.
This petition enables us to raise awareness and mobilizes the media and other stakeholders in order to put pressure on the Ontario Government to change it’s property tax regulations to a two tier system, that benefits owners/occupied homes and limits their property tax increase to the rate of inflation.
MPAC was fast to emphasize that “An assessment does not necessarily means that your property tax will increase”.
When we examine the MPAC property assessment, we realize that:
Most owners/occupied homes have not had improvements to their property but are receiving a large increase in property assessment. The increase in property assessment is mostly due to the speculations done by a small group of investors.
The municipalities benefit from the existence of property speculations that take place at the expense of owners/occupied homes.
By applying the increased property assessment values, the municipalities will likely increase property taxes and place a financial burden on the majority of homeowners and will make their property less saleable /affordable in the future.
Most municipalities have increased their property revenue due to the large number of new condos and homes built in the last four year.
The municipalities should find a way to tax speculators rather than punish all owners/occupied homes, by developing a two tier taxation that tax owners/occupied homes at no more than the rate of inflation and tax speculators/investors at a higher rate.
The Canadian economy is slowing down and Canadians are not receiving income increases at the rate of property assessment increase. Most incomes did not increase and any increase is less than the Canadian inflation rate of 1.8%.
Petition
This petition enables us to raise awareness and mobilizes the media and other stakeholders in order to put pressure on the Ontario Government to change it’s property tax regulations to a two tier system, that benefits owners/occupied homes and limits their property tax increase to the rate of inflation.
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