The firm that handles property assessments in Toronto recently reported that home values increased by an average of 22.8 percent since 2008. These values are what is used to calculate property taxes in 2013.
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Joe Regina, of the Municipal Property Assessment told the Toronto Star that 600,000 Toronto homeowners will be notified in waves on the tax increase, but he advised them not to worry as they might not be affected.
“If the change in your assessment is equal to or less than the average change for the city of Toronto, then you’re not likely to see an increase in your taxes," Regina told the news source. "There is the potential for a tax decrease if your assessment change is below the average."
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