Earlier this fall, all property owners in Ontario should have received a Property Assessment Notice in the mail with the updated assessed value of their property as of January 1, 2012. The value of your assessment affects the amount of property taxes you will pay over the next four years, so it is important that it is accurate.
If you have questions about the Property Assessment Notice you received in the mail, please click here.
Who assesses the value of my property?
Your property value is assessed by the Municipal Property Assessment Corporation (MPAC), a non-profit corporation established by the Province of Ontario and funded by Ontario's 444 municipalities, including Toronto. The province created MPAC to ensure that property value assessment is administered fairly, transparently, and uniformly across the province.
The City of Toronto doesn't play any role in assessing the value of your property. It uses MPAC's assessment to calculate the amount of property taxes you pay.
How is the value of my property assessed?
MPAC determines the value of your property by comparing it to the actual sale value of similar properties in your neighbourhood. For most homeowners, the principal factors affecting property value are the location, size, and age of your home, as well as the size of your lot. Additional factors may include such things as major renovations, other structures like a workshop, number of bathrooms, or proximity to water. As a rule of thumb, you ought to have been able to sell your home on the open market for its assessed value on January 1, 2012.
How do I challenge MPAC's property value assessment?
If you believe MPAC has incorrectly assessed the value of your property, there is a straightforward and free process of appeal. You can submit a Request for Reconsideration form online at the About My Property website. Through this website you can also see the assessed values of other properties in your neighbourhood, to bolster your case for a reassessment. You can also print the form and fax or mail it to MPAC.
After this process, if you are still concerned with MPAC's assessment of your property value, you can file an appeal with the Ontario Assessment Review Board. Click here for more information about your options.
If you need additional assistance, the MPAC Customer Contact Centre can be reached at 1 866 296-MPAC (6722).