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| Municipal Property Assessment Corporation (Photo credit: Wikipedia) |
It comes down to what they say your home is worth and how much you will be paying in property taxes based on that value.
With many property values skyrocketing over the past few years, intuitively, you would think that the various municipalities would be readjusting their tax rates and increasing the amounts all across the board. But not so, the increased trend in property values is phased in over time, with all properties being reassessed every 4 years as opposed to every time the real estate market gets hot. And rightfully so otherwise our assessments would be all over the place!
MPAC, as they are known, adheres to what is called the 'Phase In Program' whereby in order to provide levels of property tax stability and predictability, where markets increase in assessed value between January 1, 2008 and January 1, 2012, that increase will be phased in slowly over a four year period, from 2013 to 2016. Whereas a decrease in value is applied immediately.
If you've received what you think is an unfair MPAC assessment you can challenge that valuation by going to www.mpac.on.ca and logging into "Request for Reconsideration" which will help guide you through the process.
If you'd like to know more about how and why you were assessed the way you were and would like to know more about the local assessments of your direct community, you can go to www.aboutmyproperty.ca
If you'd like to see how your home value stacks up to our valuation, please feel free to contact me at any time and I can get started on a free no obligation market valuation of your property. Email nicole@gtalisted.com any time and we can see how our figures compare to MPAC's.
As always, if you have any questions regarding this or any other real estate matter, it's better to know than to wonder so please feel free to ask or visit our website at www.gtalisted.com
Nicole Kreutzberg, Realtor
GTA Listed Team
Sutton Group West
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