I am not amused.
The housing market went up pretty sharply shortly after we purchased our home in 2005. We got it for $131,500 and the mortgage is for $120, 700 because we put a lot on it for a downpayment (10%). About six months after that, the housing market shot up significantly and our house was worth about $350k or more at one point in time.
It's been eighteen months since the housing peak that started in fall 2005. In 2006, our house was assessed for $197,000. It was then assessed in 2007 for $272,500. On January 2nd, it was assessed for $258,500. I know housing prices have fallen pretty sharply in the last eighteen months, so imagine my surprise when I get the paper today and the house has depreciated about $14,000. We've had some businesses constructed in our neighborhood (Wendy's, Tim Horton's, ATB Financial, BMO Bank of Montreal, Bubsy's, Original Joe's, etc.) in the last twelve months or so.
Now I get to look at a base property tax payment for 2009 in the amount of $1,235.19 and that's not including the 5.3% increase they budgeted in. It's only $19 cheaper with a $14k decrease in the value of my home.
The housing market went up pretty sharply shortly after we purchased our home in 2005. We got it for $131,500 and the mortgage is for $120, 700 because we put a lot on it for a downpayment (10%). About six months after that, the housing market shot up significantly and our house was worth about $350k or more at one point in time.
It's been eighteen months since the housing peak that started in fall 2005. In 2006, our house was assessed for $197,000. It was then assessed in 2007 for $272,500. On January 2nd, it was assessed for $258,500. I know housing prices have fallen pretty sharply in the last eighteen months, so imagine my surprise when I get the paper today and the house has depreciated about $14,000. We've had some businesses constructed in our neighborhood (Wendy's, Tim Horton's, ATB Financial, BMO Bank of Montreal, Bubsy's, Original Joe's, etc.) in the last twelve months or so.
Now I get to look at a base property tax payment for 2009 in the amount of $1,235.19 and that's not including the 5.3% increase they budgeted in. It's only $19 cheaper with a $14k decrease in the value of my home.