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Money Matters

How Does Property Tax/Assessment Work?

Tuesday, January 24, 2012

The Government of Ontario has made a number of changes to the property assessment system that went into effect in the 2009 property tax year. These changes include the introduction of a four-year assessment update cycle and a phase-in of assessment increases.
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"When you’ve lived in the same home for over thirty years you think you know the area pretty well and the price your house is likely to fetch and that it’s just a matter of appointing an agent and putting it on the market. But I didn’t know how to go about choosing an agent (there are so many of them) and when Paul was recommended to me by another experienced real estate broker whose judgment I respected, I appointed Paul. It was a great choice. What Paul demonstrated to me in spades (or spadework) is that comprehensive research, extensive knowledge of the local market and superior judgment is involved in establishing the right price. He proved to me with his research and the statistics he provided, that his price (which was higher than my own judgment would have suggested), was indeed the right one. But that was just the beginning. Having done that, Paul worked hard on developing publicity for the house in the form of brochures, video, floor plans and other literature, using very professional people. As a result of the publicity, the overall impression of the house provided by the video and the brochures was superior and resulted in what I understand are very high numbers for the open houses and a large number of private showings. The third important step that Paul took was in talking to potential buyers, to stimulate interest in the property prior to the offer date and then spending a long evening negotiating as offers came in. Paul was outstanding. The result was multiple offers and a very successful sale. I was indeed well-pleased and also very impressed with the professionalism exhibited in the whole process. I had no idea what a difference it could, and did, make."
~ Margaret Robertson - 74 Bedford Park Avenue