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Originally Posted by Innsertnamehere
Hmm, 11% in 2021? How did that happen? The citywide rate was 4% or so I thought last year? I know my taxes seemed to barely change at all, though with area rating I think Stoney Creeks ended up being a bit below the city-wide rate.
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Our assessed value did increase, by 9%, so that is why. Looking up neighbouring properties on the
city's inquiry site, some had even larger property tax increases while others were below 2%. It's a mixed bag here. Hopefully our 2022 increase will be smaller, but I suspect it will still be 4 or 5%.
We've been in this home less than two years, so our tax history is limited. But there's a huge gap between our assessment and the likely re-sale value of the home, and also a gap between that of our home and similar properties. I expect the assessment will keep going up, but I think what's happened is some assessments on our street have risen faster relative to the broader neighbourhood, which is likely to catch up... there is still a lot of gentrification happening here.
The housing stock is also very mixed -- it's mostly composed of houses built in the early 20th century; some are two-storey brick, and some are single-floor with wood siding. A number of homes have been extensively renovated, but many have had nothing done to them in years. There are several properties where newer houses were built in the 1970s or 80s, and a couple with brand new structures on them or planned to be built soon.