Question:

If the total of all assessment values for all properties in Toronto increases, does that mean that the City will have more tax funding available?

by Guest803  |  6 years, 7 month(s) ago

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If the total of all assessment values for all properties in Toronto increases, does that mean that the City will have more tax funding available?

 Tags: assessment, available, City, funding, increases, mean, properties, tax, Toronto, total, values

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  1. Guest804

     

    All property in Ontario is assessed by the Municipal Property Assessment Corporation. 

    The effect of reassessment, at the municipal level, is "revenue neutral" and does not generate any additional revenue for the City. With a reassessment, the City must adjust the tax rate to remain revenue neutral, so no new funding comes to the City of Toronto as a result of property valuation changes. 

    If your property value increases at a rate less than the City average, your property tax will decrease due to the reassessment. 

    If your property value increases at a rate more than the City average, your property tax will increase due to reassessment. 

    The City may need to increase taxes due to its budget requirements, however, this is separate and not related to reassessments.

     

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