The average assessed home price in Ottawa increased by 25 per cent during that period, compared to 18 per cent across Ontario.
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, according to Ontario's Municipal Property Assessment Corp., which is funded and operated by the province's municipalities.
“Our values reflect local real estate markets and confirm that most homeowners in the province have seen the value of their homes increase over the last four years,” said Larry Hummel, MPAC's chief assessor.
MPAC will mail notices to Ontario's nearly five million property owners between September and November. Owners can check the accuracy of the assessment at www.aboutmyproperty.ca which allows owners to compare values in their neighbourhood.
“Property owners should ask themselves if they could have sold their property for its assessed value on Jan. 1, 2012. If the answer is yes, then their assessment is accurate. If not, we are committed to working with them to get it right,” Hummel said.
MPAC assesses properties across the province based on current values. The most recent assessment is based on valuations on Jan. 1, 2012. The previous report was based on values on Jan.1, 2008.
The four-year time frame for assessments means owners could be paying taxes based on values in January 2012, when the market was still robust, until 2016.
Click here for an in-depth look at the latest round of assessments in Ottawa and what it means for property tax bills.
-With files from OBJ staff
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