What do you do if the taxman thinks your house is worth more than you think it’s worth.

Good post Jason, there is another school of thought to this and that is when the property hasn't been re-assessed for a number of years and there have been a number of upgrades to the property, ie: basment Finished, Fireplace added, deck added. While the owners likely got a permit to do the reno's the municipality doesn't always re-assess the home. For instance I have a fully developed walk-out basement that was developed with permits in 1994, however the municipality has my taxes lower than my neighbors and shows my home with no basement development. Here's the problem for buyers if they buy a home that is under taxed, they could be in for a rude tax bill within the next 12 months if he city gets around to reassessing the property. There won't be back taxes but there could be a large tax increase. Buyer Beware. Bill