The Municipality Property Assessment Corporation (MPAC) has redesigned the 2008 property assessment notice to make it easier to read and understand. This year's assessment notice will include the following:
* the assessed value of the property for each of the next four tax years
* the percentage by which the property has increased or decreased in value since the last assessment update in 2005, and the average percentage by which properties across the municipality have changed in value
* a history of past adjustments, if any, made by MPAC through a request for the reconsideration process, or the assessment review board to the assessed value of the property, and whether these are reflected in the current assessment
* details about the property, including lot size, square footage, year of construction
* a user ID and password that can be used to access About MyProperty
* the address of the nearest MPAC local office where questions can be answered and concerns addressed in person
* the toll-free phone number for MPAC's customer contact centre.
A brochure is being mailed with each notice, explaining how property owners can determine if their assessment is accurate and, if they feel it isn't, what options are available to them.
For more information, taxpayers can call the MPAC customer contact centre at 1-866-296-MPAC (6722). This is toll-free.
Showing posts with label Taxes. Show all posts
Showing posts with label Taxes. Show all posts
Tuesday, November 18, 2008
Property Tax Assessments to Rise
Residential property owners in Ontario can expect an average assessment increase of five per cent in 2009, the first year of a four-year phase-in plan.
"Residential property values have increased by an average of about 20 per cent across Ontario since 2005, when the last assessment update was done," says Carl Isenburg, president and chief administrative officer of the Municipal Property Assessment Corporation (MPAC).
With a four-year phase-in, taxpayers will see an average assessment increase of five per cent next year.
An increase in assessment does not necessarily mean an increase in property taxes. 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 a taxpayer.
The phase-in program doesn't apply to decreases in assessed value. The full amount of a decrease will be applied during the 2009 tax year.
"Our values are based on actual sales and trends in real estate markets across the province," Isenburg explains. Municipalities establish tax rates that are applied to assessed values to pay for local services and the provincial government sets rates for the education portion of the tax.
"Residential property values have increased by an average of about 20 per cent across Ontario since 2005, when the last assessment update was done," says Carl Isenburg, president and chief administrative officer of the Municipal Property Assessment Corporation (MPAC).
With a four-year phase-in, taxpayers will see an average assessment increase of five per cent next year.
An increase in assessment does not necessarily mean an increase in property taxes. 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 a taxpayer.
The phase-in program doesn't apply to decreases in assessed value. The full amount of a decrease will be applied during the 2009 tax year.
"Our values are based on actual sales and trends in real estate markets across the province," Isenburg explains. Municipalities establish tax rates that are applied to assessed values to pay for local services and the provincial government sets rates for the education portion of the tax.
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