Ontario home values up by 18 per cent in four years

 

The Ontario Municipal Property Assessment Corporation (MPAC) has announced that property assessments have increased by an average of 18 per cent across the province between January 1, 2008 and January 1, 2012. Follow the link  to view a full assessment update released by MPAC Tuesday, September 25.

 

The report also revealed that the increase varies across the province. For example, there was very little growth noted in manufacturing belt of Windsor, whereas the Greater Toronto Area, Ottawa and Northern Ontario experienced the surge of 20 to 30 per cent.

“It’s basically stable or increasing all through Ontario. That’s positive,” said Larry Hummel, chief assessor for MPAC.

Normally, the rise in property values might result in higher property taxes for Ontario homeowners. However, such an increase is not automatic. If the assessed value of a home has risen by the same percentage as the average in the municipality, there might be no change to the amount of the property taxes paid by the homeowner.

Ontario homeowners can expect to receive MPAC’s Property Assessment Notices in the mail between September and November of 2012 with the revised values based on what a home would have sold for on January 1, 2012. If your home’s value has risen more than the average in a region resulting a in a property tax hike, the increases will be spread evenly over the next four years with an average yearly increase of 4.5 per cent.

Once the 2012 Property Assessment Notice is received, Ontario homeowners can compare their property assessment with others in the neighbourhood. They can also file a Request for Reconsideration. To learn more visit https://www.aboutmyproperty.ca.

MPAC is responsible for assessing all property in Ontario once every four years by analyzing actual sales of residential and farm properties in every Ontario municipality. The assessments provide the foundation on which municipalities across Ontario base property taxes.