Montreal property valuations are rising. Here's what you can do about it
Montreal property owners have been hit with massive increases in their valuations -- on average, the increase is expected to grow 32 per cent over the next three years.
It was a rude awakening for Sylvia Bielec when she checked the mail Wednesday.
“At first I thought it was a mistake,” she said.
According to the city, her home rose in value by 46 per cent -- a $200,000 increase over the last valuation.
“There is a slight increase every year, and you have the comparison from last year and you’re like 'okay, that makes sense',” she said. But this year, “we’re all completely shocked.”
Realtors say the new valuations reflect the peak of the hot housing market over the last three years which, according to realtor Amy Assaad, has cooled.
“The real estate market of the past 3 years is not representative of the next 3 years,” she said. “Interest rates are already having a negative impact and it seems irresponsible of the city.”
“They shouldn’t be adding additional financial burdens to Montrealers at this moment.”
However, just because your house may be valued at 40 per cent higher, that doesn’t mean your tax bill will go up by that much.
The city says it won’t raise property taxes above the inflation rate, which is currently 7 per cent.
Still, Bielec says that’s a hefty increase.
“Homeowners are not people who are necessarily wealthy,” she said.
“I live in a very modest home, the home valuation was not very high … I think anytime when you’re being asked to spend $200 here, $200 there, $200 there, that adds up,” said Bielec, who told CTV that, despite her rising costs, she’s not expecting a raise at work.
And it’s not just home owners -- renters could also be hit, as landlords pass on part of their tax hikes to tenants.
HOW TO CONTEST IT
There is recourse available for property owners who want to contest their valuation.
If you feel that your valuation isn’t right, you can apply for an adjustment on the city’s website.
However, the burden of proof is on you as an owner, and it costs about $300 to contest for most homes, which isn’t refundable, even if you win.
Grounds to lower your valuation include breakage, construction defects, nuisances like noise and pollution, or if its inappropriate to your financial situation (loss of rent, high expenses, sale of comparable buildings).
You should also look at the sale prices of comparable homes in your neighbourhood before contesting.
LISTEN ON CJAD 800 RADIO: Montreal to phase in 32% property valuation increase over three years
CTVNews.ca Top Stories
Couple randomly attacked, 1 stabbed, by group of teens in Toronto, police say
A man has been transported to hospital after police say he was stabbed in a random attack carried out by a group of teens in Toronto on Friday night.
Ron Ellis, who played over 1,000 games with Maple Leafs, dead at 79
Ron Ellis, who played over 1,000 games with the Toronto Maple Leafs and was a member of Canada's team at the 1972 Summit Series, has died at age 79.
Wildfire that forced evacuation of Fort Nelson, B.C., caused by tree falling on wires, mayor says
The wildfire that prompted the evacuation of more than 3,000 people near Fort Nelson, B.C., was caused by a tree falling on wires, according to the municipality's mayor.
Eurovision Song Contest final kicks off after protests, backstage chaos and a contestant's expulsion
The final of the 68th Eurovision Song Contest kicked off Saturday in the Swedish city of Malmo after days of protests and offstage drama that have tipped the feelgood musical celebration into a chaotic pressure cooker overshadowed by the war in Gaza.
IN PICTURES Northern lights dance across the night sky in southern Ont.
From London, to Grand Bend, Collingwood and Guelph, here are some highlights of Friday night and Saturday morning's northern lights display.
'I am angry': Alberta farmers will continue fight over world class motorsport resort
The rolling hills leading to the hamlet of Rosebud are dotted with sprawling farms and cattle pastures -- and a sign sporting a simple message: No Race Track.
opinion How to use your credit card as a powerful wealth-building tool
Irresponsibly using a credit card can land you in financial trouble, but personal finance columnist Christopher Liew says when used properly, it can be a powerful wealth-building tool that can help grow your credit profile and create new opportunities.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
Haitians demand the resignation and arrest of the country's police chief after a new gang attack
A growing number of civilians and police officers are demanding the dismissal and arrest of Haiti's police chief as heavily armed gangs launched a new attack in the capital of Port-au-Prince, seizing control of yet another police station early Saturday.