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For what it's worth, brucey, I'd look into challenging it. I've challenged two property value assessments and both of my requests for reconsideration were successful (to different degrees).
In Ontario, assessments are objective: they are supposed to reflect market value, period. They compare to recent sale prices of similar properties in the area, and also assign dollar values to a property's various "features". So, here at least, if you can support your objection with examples & figures of why the assessment is out of whack, it might be worth the time.
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