Brace yourself for a hit on your property tax bill.

The Ontario Municipal Property Assessment Corporation says property values have increased by 18 percent since the last update in 2008.

As a result, MPAC says some homeowners can expect to see a 4.5  percent increase in their assessment in each of the next four years as it phases in the increase.

So in other words, the more your home is worth, the more you could end up paying in municipal taxes

MPAC will mail notices to Ontario's nearly five million property owners between now and November.