How MPAC Assesses Property
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How MPAC Assesses Property


MPAC is the
Municipal Property Assessment Corporation, responsible for
assessing more than five million 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, we assess and classify more
than five million properties with an estimated total
value of 2.3 trillion dollars. Every four years MPAC mails a
Property Assessment Notice to every property
owner in Ontario. The Notice you received in 2016
is MPAC’s assessed value of your property as of January 1st 2016. To establish your
property’s assessed value MPAC analyzes sales of comparable properties
in your area and all of the key features
that affect market value. Our assessors
are trained experts in the field
of valuation, and apply appraisal industry
standards and best practices. MPAC’s methods to determine
property values are well-regarded and our expertise is
sought out internationally. Did you know that MPAC’s
assessments and data are also used by banks, insurance companies and the
real estate industry? Most assessment
jurisdictions in North America
use this approach to establish the assessed value, commonly referred
to as “Current Value Assessment” When assessing
residential properties, while more than 200
different factors are considered five major factors account for
approximately 85% of the value: location, lot dimensions,
living area, age of property and quality of construction. Of the five key factors,
location is the most important. As a result, comparing your
assessment to similar properties in your area
or neighbourhood will help you to
review your assessment. Site features in urban and
suburban areas such as
traffic patterns, being situated on a corner lot, proximity to a golf course,
hydro corridor, railway or green space,
can increase or decrease the assessed value
of your property. In rural or
semi-urban areas, site features such as
type of access, topography, and lot
services such as hydro, water and
sanitary/septic services can also increase or decrease the assessed value
of your property. For recreational
waterfront properties, the body of water
your property is located on and the amount of
water frontage are important factors
when determining value. In addition to considering
all relevant sales of similar properties in your
area or neighbourhood, you should also select
sales that are close to the legislated
valuation date. In circumstances
where there are limited sales or
similar properties, the timeframe for selecting
sales and geographic area for comparable properties
may be expanded. Want to compare your
property to others in your neighbourhood
or area? Register and login to
aboutmyproperty.ca using the Roll Number
and Access Key on your Property
Assessment Notice. For more information, visit
aboutmyproperty.ca

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