Property Assessments

[michika]

All I have to say is BOOOOOOOOOOO!

Plus, why is it that my property took a huge hit, yet my tax assessment drops by only a few dollars?! Taxes go up, property assessment goes down, and it all reverses all the efforts I took to pay down my mortgage.

[Delphinus]

Yeah I'm just waiting for my assessment too. I fully expect the mill rate in June to compensate for any drop in property value. I don't really expect government to say something like "Oh well guess we'll have to make do with less income now. Hey, see we're just like you." WE have to make do with less, but not them, nooooo.

I'd do anything to get rid of my mortgage. I have about a billion years left on it. Give or take a couple hundred thousand years. Ok maybe not but I will be an old, old man at the rate it's currently going down. Buh.

[michika]

They're all online, and today we got ours in the mail. I'm still seething over the drop - $73,500! I originally had a goal to pay off the mortgage in 10-12 years, however given recent developments I think I have to temporarily shelve the project.

[pterfloth]

Consider yourselves lucky! My assessment went up by 7.3%!!! How is that possible? I just have a very plain 30 year old box in a modest part of town.

I am appealing this.

Good news is, it will be paid off in a little over 4 years now. Big party coming!

[mark]

not sure the connection between the payout time on a mortgage and the assessment.

[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.

[Delphinus]

There's no connection, none that I was implying anyhow, apologies if it seemed otherwise.

[aquajeep]

yup our house dropped almost 100 thou even after some major upgrades and renos ,cant win

[GreenSpottedPuffer]

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.

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

[Cameron]

A low assessment is good for paying less prop taxes. Banks won't use assessed value they will get an appraiser to get the real value of the property.

Realtors will sometimes try to niggle down the purchase price becuase of assessed value.