PICKERING, Ont. — Ontario homeowners will see the determined value of their houses rise 4.5 per cent in each of the next four years — and may face tax increases as a result — following a report that found property values have risen 18 per cent since the last update in 2008.
The report released Tuesday by Ontario’s Municipal Property Assessment Corp. said property owners will see an average assessment increase of 4.5 per cent in each year for the next four years as it phases in the increases.
Any tax increase based on the new assessments could put a greater financial squeeze on some cash-strapped owners at a time when interest rates could also go higher.
However, an increase in a home’s value doesn’t necessarily mean property taxes will rise. If the assessed value of a home has risen by the same percentage as the average in a given municipality, there may not be an increase in taxes, said the organization, which is funded and operated by the province’s municipalities.