This week, the Municipal Property Assessment Corporation (MPAC) sent out their latest property assessment. Quite a few of my past and present clients called me after seeing what MPAC’s current assessment was for their home. Let me say, many were not happy about such a large increase, fearing an increase in their property taxes.
One friend complained that her property’s value, according to MPAC, increased by $500,000, between 2008 and 2012. Another said his went up $180,000.
According to MPAC, homeowners in the Peel Region will see the assessed value of their property increase by an average of 22 per cent over the next four years. In Mississauga, property values since the last notice have increased by approximately 23.7 per cent. That translates to an increase of 5.9 per cent for Mississauga in the 2013 property tax year.
While MPAC doesn’t set our property tax rates, they do assess the value of all Ontario properties for which the tax rate is applied. The Mississauga News said that a key factor in how your property taxes will increase is how much your property value has increased compared to the average increase in the municipality. 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 property owners.
This year, 2012, is the start of another four-year assessment cycle with the Municipal Property Assessment Corporation (MPAC).
As I have told those who have called me, everyone has the right to file a Request for Reconsideration with MPAC. The deadline is April 1, 2013 for this upcoming tax year. I urge everyone who believes their value isn’t correct, to file for reconsideration. There is no charge to do so.
The last province-wide Assessment Update took place in 2008. In each non-assessment update year, MPAC prepares about one million Property Assessment Notices for owners of new properties or properties where a change has taken place.
This new assessment will be effective for the 2013-2016 property tax years, and will be based on a legislated valuation date of January 1, 2012.
Go online to www.mpac.ca for more details. Taxpayers may also view all the detailed information for their property contained on MPAC’s database by registering online or through a written request.
For more information about home ownership and such, please visit my website at www.mcdadi.com or call me at 905-502-1500.