Question Regarding Don`s Research on Hamilton - Property Tax Increases

[Nir]

Hi Everyone,

Mr. Don Campbell mentioned the following in his "Top 10 Towns Ontario" booklet published in 2007:

"Of most economic concern are Hamilton`s recent dramatic property tax increases... for investors who are looking at larger multi-family properties".

I wanted to ask if anyone knows how significant these increases were(?) Around 10% or something really dramatic like 30%?

I did notice some really high property taxes - around $15,000 on some 500k properties!
curious to know what the increases were approximately (in 2007 I`m assuming or before).

This may help explain some sellers` increased motivation in the city(?)

Regards,
Neil

 

[Nir]

just refreshing to see if anyone has the info before I contact the city of Hamilton. A bit surprising as I thought many here invest in Hamilton(?) Cheers.

 

[asifghayoor]

QUOTE (investmart @ Jan 3 2010, 09:28 PM) just refreshing to see if anyone has the info before I contact the city of Hamilton. A bit surprising as I thought many here invest in Hamilton(?) Cheers.

we just purchased a multifamily building for 560K, the property takes are 16500 per year, not sure what they were before this year.

 

[Nir]

QUOTE (asifghayoor @ Jan 3 2010, 09:40 PM) we just purchased a multifamily building for 560K, the property takes are 16500 per year, not sure what they were before this year.

yes, that`s what I find. well, it`s pretty high isnt it. what`s the rent and location? you already purcahsed so hope it`s ok that I ask.

Thanks.