I was brave and opened the envelope. Unlike the abject fear that ensued when the notice regarding my investments arrived, I knew that I could deal with the new property assessment. Part of me wanted to see the assessment of my home go up (what real estate sales representative in their right mind would want to see that their property was NOT increasing in value), even though I knew that the consequences of this would hit my pocketbook). The assessment did go up, but not as high as as the norm…….so I am safe!

Here are comments from  the Ottawa Real Estate Board on how to handle an assessment that you feel is unfair:

Property owners should be receiving their 2009 property tax assessments in the mail this week from the Municipal Property Assessment Corporation (MPAC). Under the revised system, a new assessment will be conducted every 4 years, with any increase phased in over that 4-year period. MPAC says that because property values have increased by about 20 per cent province-wide since 2005, Ontario property owners can expect an average increase of 5 per cent on their 2009 property assessment and the same in the subsequent 3 years.An increase in a property’s assessment will not necessarily mean an increase in that homeowner’s property taxes. If the assessed value of the home has increased by the same percentage as the average in their municipality, there might not be an increase in the property taxes paid. If the value of a property has decreased, the entire decrease will be implemented immediately. If an owner feels that his or her assessment is inaccurate, a brochure sent out with all assessment notices includes information about how to report inaccuracies and file a complaint or challenge.