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Should Property Tax Scare You? Maybe Next Year.

If you live in Toronto you know how crazy the real estate market is. Property prices seem to triple ever week. What does this mean for your property tax?

At the end of next year, MPAC, the provincial body tasked with setting your property assessment, will send all property owners across Ontario a 2016 Base Year valuation. This valuation will be used to calculate your property tax for 2017 – 2020. Basically, it is how much the government thinks your property is worth, and they tax you on this value.

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