Property owners in Ontario have started to receive their “Property Assessment Notice” from the Municipal Property Assessment Corporation (MPAC).
MPAC is responsible for assessing and classifying more than five million properties in Ontario in compliance with the Assessment Act and regulations set by the Government of Ontario.
In 2016, MPAC updated the assessed values of every property in Ontario to determine a legislated valuation date of January 1, 2016. To provide a level of property tax stability and predictability, market increases in assessed value between Assessment Updates are phased in gradually over four years. (A decrease in assessed value is introduced immediately).
So what’s the purpose of a property assessment anyways? Your annual assessed value and classification of your property will be used as the basis for calculating your annual property taxes.
What if you think your assessment is wrong? Specifically, simply ask yourself if you could have sold your property for its assessed value on January 1, 2016. If the answer is no, you can request that MPAC review your assessment free of charge. The review process is referred to as a “Request for Reconsideration” or “RfR”.
Your deadline to file an RfR with MPAC for the valuation year is April 2, 2018.
You can visit www.aboutmyproperty.ca for more info about your assessment of the RfR process. Of course, we’re always here to answer any of your real estate related questions at Erie’s Edge by clicking here.