Real Estate News

Property owner wants his tax bill reassessed by MPAC after 100PerCent hike

Petar Valkov/CBC News

Anyone who owns property in the city knows their taxes will likely increase each year, but no one expects a property tax hike of 100 per cent.

ISo you can imagine Jack Prattas's shock when he opened the 2017 property tax bills for a few buildings his family owns on Yonge Street.

"I've never seen anything like this before," said Prattas. "The massive tax increases are unprecedented."

Prattas's father and uncles purchased five buildings around Yonge Street and Wellesley Street in the 60s. Four of the five had their taxes double since 2016."

The three-storey building they own at 574 Yonge Street jumped from almost $22,000 in 2016 to about $42,000. The larger one next door that they also own went up from around $40,000 to $80,000.

"I understand that things are going up, and we love the city and we're going to pay more taxes. But you can't pay 100 per cent more all at once," said Prattas.

Continue to read on.CBC News

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