Toronto Condos Boom Increases Tax Base

An unexpected increase to the Toronto property tax base is a direct result from the boom in Toronto Condos.

Ontario's Municipal Property Assessment Corp. advised the city that the total gross assessed value of Toronto property has jumped to $7.5 billion from 2010 values.

A reassessment of existing properties will take place in 2012, again increasing the value of all Toronto properties.

New Toronto Condominiums were the majority of the new increases, in fact the increase the previous year was $6.2 billion.

The Toronto Condo boom continues to help the city's financial surplus mainly due to an ever widening tax base.

If you are interested in new or resale Toronto Downtown Condos contact Iris Li, RE/MAX Toronto Realtor, for further information.