Quote:
Originally Posted by Cameron
The assessment is for the province and the city to charge taxes. The assessed value may drop but the mill rate may increase.
The real value is what you can sell the house for, not what the assessment says.
I agree with Mark, why should there be any correlation between assessment and amortization remaining.
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This is true, our condo's value is much, much more than our assessment. It's a good thing since it keeps our taxes down a little. I would hate to pay taxes on what our place is actually worth on the market right now!
Im not really sure how a low assessment is a bad thing? I may be missing something though. I am quite new to mortgages
