Here in Ontario our homes/properties are assessed by an agency that was created by our Provincial Government during the days of Premiere Mike Harris. Initially the assessments were done by a provincial body called the Ontario Property Assessment Corporation. Now the Municipal Property Assessment Corporation takes on this task.
At a recent course entitled MPAC & Property Assessment I had learned some valuable information that I could use a a Realtor and as a property owner. The assessments are based on a variety of attributions: 1. Building Area, 2. Construction Grade, 3. Age-Adjusted for additions and renovations, 4. Lot dimensions, 5. Location, Location, Location (economic neighbourhood)
The current provincial government had implemented an assessment freeze during it's first term in office. Now that freeze has expired and homeowners couldsee an increase, generally speaking, in property values. These values are given to the municipalities and they use them to determine our property taxes by multiplying the value by a determined tax rate; mill rate.
There could be a dramatic increase in value and hence increasing the amount of property taxes owed to the municipality. They have thus implemented a four year phase in of your increase in value, easing the burden. The next time our properties will be evaluated is in January 2012 unless your property undergoes a renovation through which a building permit was obtained.
There was a lot of valuable information and I am glad to share it with all of you.
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