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 in 2013.
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 1-866-296-MPAC (6722).
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