ONTARIO PROPERTY TAX ASSESSMENT CHANGES
WHAT IS THE ONTARIO FAIR ASSESSMENT SYSTEM?
The Ontario Fair Assessment System is a fair, consistent and understandable system of property assessment and taxation in Ontario. Under the new system, all properties are assessed at their current value. Current value is defined as the amount of money a property would realize if sold at arm’s length by a willing seller to a willing buyer. Municipalities can set different tax rates for each of the seven new property classes. By varying the tax rates consistent with ranges of fairness set by the province, municipalities can adjust the amount of tax paid by each property class to promote fairness and respond to local concerns.
The Ontario Fair Assessment system will:
- Reassess all properties in Ontario based on current value
- Ensure property values remain current, with regular updates
- Guarantee tax relief for low-income seniors and disabled homeowners – Simplify the assessment appeals process – Give municipalities important new powers to address their revenue needs in ways that best fit local priorities
RENOVATING FOR RESALE
When it comes to home renovations, one plus one does not necessarily equal two. The money invested in improving your home will not always translate into an equivalent return in the selling price of your home. However, with planning it is possible to both increase the salability of your home and even profit from your home renovations.
Renovations do not have to be extensive or expensive to earn a high rate of return. In fact, one of the cheapest and simplest improvements yields one of the highest paybacks. According to a study (1999 Renovations and Home Value Survey) by the Appraisal Institute of Canada (AIC), a fresh coat of paint on interior walls returns an average 73 percent payback. So, a $1,500 paint job could be expected to increase a home’s selling price by $2,625 (a $1,125 profit).
To maximize salability ensure that your new décor is modern and tasteful. Choose shades of white and tame versions of popular colours. Steer away from too many personal touches and custom work if you plan to re-sell. It is unlikely that your investment will be recouped and it may prevent the quick sale of your home. Also, try to keep renovations in harmony with the fashion of your neighbourhood.
WHY USE A REAL ESTATE AGENT WHEN SELLING YOUR HOME
There are many reasons for wanting to sell your current home in Ottawa. You may be moving to another province due to your job, or perhaps you have decided to cash in on one of your property investments. In any case, it is only natural that you want to sell your home as quickly and as hassle-free as possible. This is where skilled real estate agents come in.
A qualified real estate professional is a must-have when it comes to selling your home. Their knowledge of the local real estate market and market trends often prove invaluable to their clients, helping sellers make better and more profitable decisions.