TORONTO, Ont. – The average value of Toronto homes has risen 22.8 per cent since 2008, according to the province’s property appraisers.

Ontario’s Municipal Property Assessment Corp. said property owners will see an average assessment increase of 5.5 per cent in each year for the next four years as it phases in the increases.

“An increase in assessment doesn’t necessarily translate to an increase in taxes,” Joe Regina, municipal relations account manager told 680News.

“If your average increase is equal to or less than the average for the city, your taxes may not change or they could decrease,” he said.

“Once the tax rates are established by the City of Toronto, it’s at that point that we’ll know what the impact is in terms of taxation, property taxes.”

Regina said if a homeowner feels their property has been valued too high, they can request a second review.

“They can file a request for reconsideration online and attach all of the info that they’ve collected that supports their position,” he said.

MPAC is mailing property assessment notices to over 727,000 area property owners. Homeowners can check the accuracy of the assessment here.