|
Every property owner in Ontario received a 2008 Property Assessment Notice from MPAC in fall 2008. The 2008 Notices provided the classification and updated assessed value for every property in Ontario on the new legislated valuation date of January 1, 2008.
The next province-wide Assessment Update will take place in 2012.
In the meantime, changes to properties continue to take place. New homes are built, owners renovate, additions are built and properties change use.
MPAC is legislatively responsible for updating this information even in a year when a province-wide assessment update is not taking place.
Contact MPAC if you have any questions about your assessment. For questions about your property taxes, please contact your municipality/local taxing authority.
How MPAC assesses properties in the Unincorporated Terrority
To establish the assessed value of the properties in non-municipal areas, MPAC's staff collect and analyze property sales to ensure that similar property types are valued consistently.
When assessing a residential property, MPAC looks at all of the key features that affect market value. Five major factors usually account for 85% of the value: location; lot dimensions; living area; age of the structure(s), adjusted for any major renovations or additions; and quality of construction.
Examples of other features that may affect your property's value include: number of bathrooms; fireplaces; garages, workshops and boathouses.
Site features can also increase or decrease the assessed value of a property such as type of access, topography, and lot services such as hydro, water, and sanitary/septic services.
|
