Property Assessments: How they work and how to appeal
Wherever you live in the GTA, there’s a good chance your property taxes will rise. Most municipalities are increasing property taxes to cover rising expenses. In theCity of
The property assessment process in
New legislation, passed in 2007, created a four-year assessment cycle. Startingthis year and continuing through 2012, property assessment values will be gradually phased in based on the estimated market value of the property at January 1, 2008.
Homeowners received their assessments last fall. According to MPAC, the five factors that account for 85 % for the value are location; lot dimensions; living area; age ofthe property, adjusted for major renovations or additions; and quality of construction. Other features that may affect value include finished basements, garages, pools, fireplaces, number of bathrooms and the type of heating or air conditioning.
If you disagree with your assessment, you can appeal it to MPAC. It’s toolate to file an appeal for this taxation year. (The deadline was March 31). But to file for next year, visit www.mpac.ca or call 1-866-296-6722. You can get information about your property and up to 24 other properties of your choice and up to six selected by MPAC, free of charge, to see how your assessment compares to other properties.
If you decide you want to appeal, there’s nothing to lose; they won’t decide your assessment should go up. You’ll need to fill out a Request for Reassessment form, available on their website along with instructions.