PICKERING, ON, Nov. 15, 2017 /CNW/ - Today the Municipal Property Assessment Corporation (MPAC) will begin mailing nearly 900,000 Property Assessment Notices to property owners across Ontario to reflect changes in assessment that have taken place over the last year.
While 2017 is not a province-wide Assessment Update year, MPAC continues to review properties and is legislatively responsible for updating property information in order to return an accurate Assessment Roll for 2018 taxation.
This year, property owners will receive a Notice from MPAC if there has been:
change to property ownership, legal description, or school support;
change to the property's value resulting from a Request for Reconsideration, an Assessment Review Board decision, or ongoing property reviews;
property value increase/decrease reflecting a change to the property; for example, a new structure, addition, or removal of an old structure; or
change in the classification or tax liability of the property.
"Assessing all properties in a fair and consistent way matters to us because we know how important this information is to the communities we serve," said Rose McLean, MPAC President and Chief Administrative Officer. "The Property Assessment Notices we begin mailing today will help ensure property information is accurately reflected on municipal assessment rolls."
MPAC encourages property owners who receive a Notice this year to login to aboutmyproperty.ca by using the Roll Number and unique Access Key on their Notice. Aboutmyproperty.ca provides easy access to the information MPAC has on file for a property and can help owners compare their assessment to others in their area.
Property owners who receive a 2017 Property Assessment Notice and disagree with their assessment have until April 2, 2018 to submit a Request for Reconsideration (RfR) with MPAC - free of charge. For greater convenience, RfRs can also be filed directly through aboutmyproperty.ca.
In 2016, every property owner in Ontario received a Property Assessment Notice as the result of a province-wide Assessment Update, reflecting a January 1, 2016 valuation date. The 2016 assessed value will be the basis for property taxes for the 2017-2020 property tax years.
MPAC continues to review and update property assessment information in non-Assessment Update years. Properties change ownership, new homes or additions are built, structures are removed or demolished and properties change use. Notices are mailed each year to reflect these changes.
In 2017, MPAC delivered more than $37 billion in taxable assessment growth to municipalities across Ontario.
The Municipal Property Assessment Corporation (MPAC) is an independent, not-for-profit corporation funded by all Ontario municipalities, accountable to the Province, municipalities and property taxpayers through its 13-member Board of Directors. Our role is to accurately assess and classify all properties in Ontario in compliance with the Assessment Act and regulations set by the Government of Ontario. We are the largest assessment jurisdiction in North America, assessing and classifying more than five million properties with an estimated total value of $2.4 trillion.
MPAC's province-wide Assessment Updates of property values have met international standards of accuracy. Our assessors are trained experts in the field of valuation and apply appraisal industry standards and best practices. Our assessments and data are also used by banks, insurance companies and the real estate industry.
For more information about 2017 Property Assessment Notices mailed this fall, visit mpac.ca.
SOURCE Municipal Property Assessment Corporation
For further information: Media Enquiries: Cathy Ranieri-Sweenie, Director, Public Affairs, [email protected]; Customer Enquiries, 1 866 296-6722, TTY 1 877 889-6722