Markland Homes Association - Information
Sheet
Potential Points of Discussion
(These potential responses are provided as a courtesy only. Each home is different and the specific reasons for appealing an assessment will vary. This document is only to show you examples of what might work for you to reduce your municipal property taxes.)Note: The Situations and Responses listed below are for information purposes only. You are responsible for the unique reason(s) for your Request for Reconsideration. The Markland Homes Association takes no responsibility for the success or failure of your submission. Good luck! Situation
1:
The assessed value of your home has increased by more than the average
in Etobicoke Centre of 10.9%. Potential
response: The
increase in the assessed value of my property of XX.X% in comparison to the
average increase in my community of Etobicoke Centre of 10.9% does not make
sense to me. As
there were no significant renovations, upgrades or improvements undertaken
during the period June 30, 2003 to January 1, 2005 the increase in the
assessed value should be no more than the average community increase.
I believe my home should be assessed at between $XXX,XXX and $XXX,XXX.
Situation
2: You filed a successful
request for reassessment or notice of appeal in the past and now your 2005
assessment has been increased to be in line with your neighbours who have not
appealed. Potential
response: In
reviewing my neighbours’ assessments I see that the assessed value of my
property has been increased to an amount much closer to the assessed value of
my neighbours homes. I do
not understand how this increase can be substantiated as my house was properly
valued during the last assessment in 2003.
At that time I requested and MPAC conducted a review of my assessment.
The end result was that MPAC determined that my property’s assessed
value was $XXX,XXX. If
my neighbors did not take the time or care to have their properties reassessed
to ensure that their values were not inappropriately inflated during the 2003
Assessment that should have no bearing on my 2005 Assessment.
I believe my home should be assessed at between $XXX,XXX and $XXX,XXX.
Situation
3: A
comparable home in your immediate
neighbourhood
sold in the period June 30, 2003 to January 1, 2005 to less that your assessed
value. Potential
response: The only
property sales in my immediate neighbourhood during the June 30, 2003 to
January 1, 2005 period also supports the 2005 assessed value is too high.
The
home was XX Nearby Street which sold in Nov 2003 for $XXX,XXX the Lot size is
XXft x XXft. This
home is on a larger lot than mine and is on a more desirable street (less
traffic). Further,
the house is also much larger as it is a 4 bedroom, 3 bath home including an
ensuite
off the master bedroom.
I believe my home should therefore be assessed at between $XXX,XXX and
$XXX,XXX.
Situation
4: A
home in your immediate
neighbourhood
that is not comparable to your home (e.g. due to $200K of renovations) sold in
the period June 30, 2003 to January 1, 2005 and now your house has been
assessed at a similar level. Potential
response: My
house has been assessed at an amount equivalent to XX Nearby Street, which
sold recently. As
this house has undergone extensive updates and renovations as per the real
estate listing it is unreasonable to use this as a benchmark in establishing
the fair market value of my home.
Although my home is nice and well maintained I have not invested the X
hundred(s) of thousands of dollars in renovations needed to realize the
assessed value if I were to sell my home.
I believe my home should be assessed at between $XXX,XXX and $XXX,XXX.
Situation
5:
You purchased your home
during the last assessment period
(before June 30, 2003) at a price that was at a premium to other homes in your
immediate
neighbourhood because of
extensive renovations in the home. Potential
response: The
assessed value of my home in 2003 reflected the fair market value of my home
at the time. Prior to the time I
purchased my home in 2003 there were extensive renovations undertaken of
approximately $XXX,XXX, the assessed value of the home in 2003 reflected this.
Since that time these renovations have started to see some wear and
tear. Although the 2005 assessed
value of my has increased by a reasonable amount in relation to the average
increase in my
neighbourhood,
the new assessment does not reflect the fact that I cannot realize the same
premium I paid in 2003 if I where to sell, due the wear and tear on these
renovations. I feel my assessment should be reduced by $XX,XXX to reflect the
impairment in value. Situation
6:
You purchased your home
during the assessment period June 30, 2003 to January 1, 2005 at a
price that is at a premium to other homes in your immediate neighbourhood
due to extensive renovations in the home. Potential
response: Not
much, it is the fair market value. But
don’t worry your house is lovely and remember Situation 5 next time around.
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