Homeowners in North end Hamilton brace for a big tax hike

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For the first time in years, the properties in Hamilton’s north end will surpass the suburbs in terms of future value thanks to an influx of buyers looking for affordable and urban living. While that’s great news for real estate investors, some local home owners are wondering how they will deal with higher property taxes on the horizon.

Following a survey of the city, homes from Wards 1-3 will see their property assessment jump in value by about 35% over four years. That’s 9% more than the city’s average. While not confirmed, that could result in property taxes jumping by 6% per year.

“Seeing extra additional value in the inner city property, people are moving in and revamping and rehabilitating those properties and that is adding value but it does add a tax pressure as well.” Mayor Fred Eisenberger.

While the 2017 budget isn’t confirmed, Mayor Eisenberger says council is prepared to do what it can to counter the increasing rates.

“Any people who are on a fixed income or a pension that qualify and people who make less than $35 000 a year on a fixed income are eligible for a tax rebate.” Councillor Matthew Green.