Sudbury’s red-hot economy is driving property values higher and higher.
On Oct. 3, the Municipal Property Assessment Corporation (MPAC) announced the value of land in Greater Sudbury will increase by six per cent in each of the next four years, up 24 per cent from the last assessment in 2008.
However, that doesn’t mean taxes are going up by the same amount. Overall, the city will collect the same amount in taxes as it would have before assessments were updated. Some homeowners will see an increase, while others will pay less. It all depends on how land values have changed in whichever part of the city a property is located.
Since 2008, land with a typical bungalow has increased in value by about 20 per cent. In the same period, townhouses and row houses increased in value by about 58 per cent. Also since 2008, waterfront property in the Greater Sudbury has increased in value by 40 per cent.
Assessment questions can be directed to MPAC at 1-866-296-MPAC (6722) or TTY 1-877-889-MPAC (6722). For more information, visit mpac.on.ca or aboutmyproperty.ca.