Changes to how the Municipal Property Assessment Corporation calculates taxes for rental properties has some Belleville landlords concerned that their taxes will be going up.
And the fear for tenants is that their monthly rent payments will go up as well.
as Darryn Davis found out the Quinte Landlords Association is trying to put peoples fears to rest….
For rent….but will it be affordable, that’s the concern for landlords in Belleville.
Robert Gentile is the president of the Quinte Region Landlords Association and says he’s been getting a lot of calls from landlords concerned that their property taxes are going up because of changes to the formula used for property assessments by the Municipal Property Assessment Corporation.
“These assessments went out across the province in the fall of 2016 and a lot of landlords are just starting to realize now as they start to work on their taxes, they’re looking at their assessments and they’re realizing hey this whole thing has changed.”
Gentile says the formula change doesn’t necessarily mean multi-residential property taxes will increase.
“Some landlords may see an increase, some may see a decrease and others may see no change at all the biggest problem we have right now is fear of the unknown and uncertainty. ”
Currently the changes only affect rental properties with 7 or more units.
But that could change in the future, which is concerning to landlord Kathleen Vowinckel.
She says her rental properties are single family dwellings but is still worried about the impact the formula change could have down the road.
“A lot of the people who rent can not afford, they’re pretty close to the edge of their budgets and every time the rent is raised, it’s another what do I give up instead.”
“To address fears and concerns raised by landlords, the Quinte Region Landlord Association has arranged to host a seminar here at the Quinte Sports and Wellness centre on Monday February 13th. ”
Officials from MPAC will be at the seminar.
“They’re going to give landlords step by step detailed information on how this new assessment system works how the appeals process works. ”
The deadline to appeal an assessment is February 21st.
Darryn Davis CKWS news Belleville.