Markham property values up 45% since 2012

Yorkregion.com
June 20, 2016
By Amanda Perisico

Markham properties have increased in value on average 45 per cent since the last provincewide assessment completed in 2012, according to Municipal Property Assessment Corporation (MPAC) numbers.

On average, single-detached homes have increased by more than 47 per cent. Condo units increased 16 per cent.

The assessment in 2012 was used to calculate property taxes from 2013 to 2016.

“Real estate is very hot. People don’t have to wait for this (assessment) to know that,” Mayor Frank Scarpitti said. “This is always a fun discussion. And it’s even more fun to explain it to the public.”

This assessment will be used to calculate property taxes between 2017 and 2020.

The city phases in increases to offset the impact on property taxes. If the average home was valued at $576,910 in 2016, based on the 2012 assessment, the value would climb to $642,683 for 2017 property taxes, $708,455 for 2018, $774,228 for 2019 and finally $840,000 for 2020.

So residents will see on average an 11.8 per cent increase in value for single-detached homes and 4 per cent for condos from 2016 to 2017.

But don’t panic. The increase in property value does not translate into extra money in the city’s coffers.

“I always hear, ‘Oh, Markham must be loving this. Markham must be really happy,’” Scarpitti said. “Assessments go up, that doesn’t mean city revenue goes up,” he said.

But there is some math at play.

Homes where the value has increased more than the city average will see an increase in property taxes relative to the citywide average. And vice versa if the property value is less than the city average.

For instance, if a home’s value increased by 12.9 per cent - as is the case in Ward 3 - those residents can expect to see a 1.1 per cent increase on their tax bill.

“The increase might be $20, not astronomical like $2,000,” deputy mayor and Regional Councillor Jack Heath said. “Wait until the 2017 tax bill. It will all work out.”

New is a shorter appeal timeframe: residents have 120 days to appeal their assessments, which were mailed out this week.

For more, visit mpac.ca.