MPAC assessments for the 2012 Assessment Update reflect local real
estate markets across the province
PICKERING, ON, Sept. 25, 2012 /CNW/ - Ontario homeowners will see the
assessed value of their property increase by an average of 4.5 per cent
Residential property values have increased by an average of
approximately 18 per cent across Ontario since 2008 when the last
Assessment Update was delivered. Because of the four-year phase-in
program, property owners will see an average assessment increase of 4.5
per cent each year for the next four years.
"Our values reflect local real estate markets and confirm that most
homeowners in the province have seen the value of their homes increase
over the last four years," said Larry Hummel, MPAC's Chief Assessor.
MPAC's MarketSnapshot - Assessment Update Edition provides a more detailed analysis of the changes in values that have
taken place across the province. The report is available on MPAC's
website at www.mpac.ca.
An increase in assessment does not necessarily mean an increase in
property taxes. If the assessed value of a home has increased by the
same percentage as the average in the municipality, there might be no
increase in the property taxes paid by a property taxpayer.
MPAC will mail Property Assessment Notices to Ontario's nearly five
million property owners between September and November. Local
assessment changes will be announced prior to the mailing of Notices in
each municipality over the next two months.
"Our role is to accurately assess every property in Ontario. Property
owners should ask themselves if they could have sold their property for
its assessed value on January 1, 2012. If the answer is yes, then their
assessment is accurate. If not, we are committed to working with them
to get it right," Hummel said.
Property owners can check the accuracy of their assessment at www.aboutmyproperty.ca. This website allows owners to easily compare the value of their
property to others in their neighbourhood and community. Registration
information is included with every Notice mailed this fall.
If property owners believe their assessment is not correct, they have
the option of filing a Request for Reconsideration and MPAC will review
their assessment free of charge.
Hours will be extended at each of MPAC's 33 local offices across the
province during the Notice mailing period this fall. Property owners
can also call MPAC's Customer Contact Centre toll free at
MPAC (www.mpac.ca, www.aboutmyproperty.ca) is a not-for-profit corporation funded by all Ontario municipalities.
MPAC is responsible for administering a uniform, province-wide property
assessment system based on current values. It provides a range of
services, including the preparation of annual assessment rolls for use
by municipalities and the Province of Ontario to calculate property
taxes and education taxes. Municipal enumerations are also conducted
by MPAC in order to prepare a Preliminary List of Electors for each
municipality and school board during an election year.
The last province-wide Assessment Update of Ontario properties took
place in 2008 and was based on the legislated valuation date of January
1, 2008. This fall's province-wide Assessment Update of Ontario's
nearly five million properties is based on the legislated valuation
date of January 1, 2012. Eligible assessment increases will be phased
in over four years (2013-2016). All assessment decreases are applied
immediately. This year's Assessment Update will be the second in
Ontario's new four-year assessment and phase-in cycle.
MPAC has 33 local offices located across Ontario. Its head office is
located in Pickering.
SOURCE: Municipal Property Assessment Corporation
For further information:
Cathy Ranieri Sweenie