Assessment notices show overall increase in County property values

County property owners are receiving Municipal Property Assessment Corporation (MPAC) notices in the mail that indicate property values for the next four years.

These are not tax bills, but the figures are used as the basis for calculating your 2017 to 2020 property taxes. Anybody who has a decrease in assessed value will see that change immediately.

MPAC notes assessed values of residential property values have increased on average 1.8 per cent per year since 2012.

Every four years MPAC conducts a province-wide Assessment Update and mails Property Assessment Notices to every property owner in Ontario. Over 2016, MPAC will update the assessed values of every property in in the province. All properties will have a legislated valuation date of January 1, 2016.

MPAC looks at sales and compares properties to similar properties that have sold in a particular area.

“Our assessments reflect the local real estate market and property owners may be interested to know the value of their home has increased over the last four years,” said Carmelo Lipsi, Director of Valuation and Customer Relations in MPAC’s Richmond Hill office.

In Prince Edward County the typical residential property is assessed at approximately $222,000.

“Property owners should ask themselves if they could have sold their property for its assessed value on January 1, 2016. If the answer is yes, then their assessment is accurate and no further action is required. If not, we are committed to working with them to get it right,” said Lipsi.

Property owners can visit aboutmyproperty.ca to learn more about residential market trends in their area and how their property was assessed. By using the Roll Number and unique Access Key on their Property Assessment Notice, they can also see the information MPAC has on file for their property and compare it to others in their area.

MPAC’s property values and data are also used by banks, insurance companies and the real estate industry.

“We are committed to working with property owners if they have questions about their assessment,” Lipsi said. For more information, property owners can visit aboutmyproperty.ca or contact MPAC at 1 866-296-MPAC (6722).

The Municipal Property Assessment Corporation (MPAC) is an independent, not-for-profit corporation, responsible for assessing and classifying more than five million properties in Ontario in compliance with the Assessment Act established by the Government of Ontario.