Chevelle Tech - View Single Post - #$@%!* county property tax assessment
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post #62 of (permalink) Old Jun 8th, 17, 1:59 PM
Gold Founding Member
Cameron Milne
Join Date: Sep 1998
Location: Toronto, Ontario, Canada
Posts: 7,966
Re: #[email protected]%!* county property tax assessment

Sorry, when I referred to hydro easement I was referring to the public utilities reserving access rights to an overhead powerline. Like many people, my dad appealed his property assessment; they had heard it all before until he said, "what about the hydro easement?" The assessor looked like Bambi in the headlights. Dad got 'em and got a break on his assessment. Every little bit helps. It won't help me as all our powerlines are buried underground in my neighborhood .

We bought back in 1988 when the market was overheated in Toronto; at that time we paid too much but it was a bidding war to buy anything within Toronto city limits. Ha, you should see it today. Semi-detached houses (which we have) in our neighborhood sell in a matter of hours; across the street from us a neighbor sold her place 2 months ago for $801,000 in 1 day. I would say the market is overheated in our city, but with so many people working in Toronto that have a grueling commute from outside, and with no new land it puts a premium on living inside the city. It is funny but in many major U.S. cities the farther away from the core of the city you go (to a point) the price goes up, but in Toronto it seems to be the opposite. People put a premium on anything that will lessen the commute due to 16 lanes of highway at a crawl. Property taxes on our place run about 3k a year, but based on current property values that means our rate is surprisingly low (meaning they potentially could go up dramatically). Way back when we bought, the assessors kept knocking on our door to see the place. We were "never home ". As far as they knew, we had an unfinished basement. Why give them another reason to tack on another charge? It is totally exploitative. Interest rates are stagnant and at historically low levels. If there is ever another period of hyperinflation like there was around 1981 there are going to be a lot of people walking away due to foreclosure. Luckily we have been mortgage-free for a while (we can't write off a mortgage on our income tax as you can in the U.S.).

"The more you know,
the more you realize there is that you don't know." - Dad

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