Quote:
Originally Posted by Nancy
My taxes for 2008 were about 40% higher than my taxes for 2005. Add another 10% next year makes it 50%.
My assessment for 2008 was almost 2.5 times my assessment for 2005. My neighbour's assessment has gone up only by 2 times. I wish I could tell you why.
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Assessments are based on sales of similar properties. Unless your neighbor's house is very similar then the assessments will be different.
From the city website.
Residential properties (including condominiums) are categorized according to structure type (single family, duplex, high rise, etc.) and geographic region. They are valued using a direct sales comparison approach which analyzes the relationship between the sale price of the properties and the features of the properties. Assessors apply the results to all properties, sold or unsold.
Factors that affect market value include:
- property location (including nearness to green spaces, community services, access, views)
- total finished floor area of a home
- lot size
- basement or lower level of home development (finished floor, walls and ceiling)
- quality of home
- age of building
- existence and type of garage
- traffic influences and
- in the case of income producing properties, the income generated by that property