Hamilton — tax assessment vs. home prices
While home prices have exploded everywhere, anyone have insight into assessed values?
In the photos below, using 100 Appleford Court as an example:
- The house is listed for $679,000. On housesigma similar houses have sold between 600-680k in the last year.
- The Hamilton Property Tax inquiry site has assessed this property at a 347k value in 2020, and at that price taxes are $4124
According to (https://wowa.ca/taxes/hamilton-property-tax) a house with an assessed value of 680k should actually be paying $8310, double that of the current assessment.
Does that mean Hamilton is now grossly overvalued, or, in the next few years homeowners are in for a rude awakening when their taxes double?
How do you interpret this?
In the photos below, using 100 Appleford Court as an example:
- The house is listed for $679,000. On housesigma similar houses have sold between 600-680k in the last year.
- The Hamilton Property Tax inquiry site has assessed this property at a 347k value in 2020, and at that price taxes are $4124
According to (https://wowa.ca/taxes/hamilton-property-tax) a house with an assessed value of 680k should actually be paying $8310, double that of the current assessment.
Does that mean Hamilton is now grossly overvalued, or, in the next few years homeowners are in for a rude awakening when their taxes double?
How do you interpret this?
Late Cycle Investing
