Ever wonder about the assessed value of your home and why it is so different from the actual market value of your home? The Municipal Property Assessment Corporation or MPAC, is an independent, not
The Assessed Value of your home
Dated: February 9 2023
Ever wonder about the assessed value of your home and why it is so different from the actual market value of your home? The Municipal Property Assessment Corporation or MPAC, is an independent, not-for-profit corporation funded by all Ontario municipalities. and is the agency responsible for determining the value on every property in the province of Ontario. This is all done in compliance with the Assessment Act and regulations set by the Government of Ontario.
The assessed value in combination with the municipal budget are then used by the municipalities to determine municipal property taxes.
MPAC determines value by conducting a province-wide assessment every 4 years to update the assessed value of each property in Ontario. The Assessors review sales data for different property types over a 3-5 year period and use a statistical model to compare your home to others in your neighbourhood to determine what your home would have likely sold for on July 1st of the previous year.
Properties were last assessed in 2016, but due to Covid, the 2020 Assessment update was postponed by the Government. As a result, assessments for the past few years have been based on the fully phased-in , January 1, 2016 values. What this means for you is that your property assessment for 2023 will be the same as it was for 2020, 2021 and 2022-unless there have been changes to your property.
The assessed value is often very different from market value, and most homeowners do not understand the difference between the two.
If you are a homeowner and would like to find out the market value of your home and how it compares to the assessment you received, please reach out to me. I would be happy to prepare a complimentary market evaluation on your home.
Just call, email or text me! Helping you is what I do!
Nineteen years working with Buyers, Sellers and Investors in the Southern Georgian Bay Area. I am a Broker and an accredited Seniors Real Estate Specialist, SRES®. I empower Buyers, Sellers and In....
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