Are You Paying Too Much Property Tax?

As tax season approaches, it's essential for homeowners to understand property assessments and their impact on property taxes. We’re here to help keep you informed—here are some of the frequently asked questions we get about property taxes:

What Is a Property Assessment?

A property assessment is an evaluation of your property's value conducted by the Municipal Property Assessment Corporation (MPAC). This assessed value serves as the basis for calculating your property taxes. While the assessment determines your property's value, the actual tax rates are set by your local municipality.

How Is a Property Assessed?

MPAC assesses residential properties by considering five key factors to ensure accurate valuations. These factors include:

Location: The neighborhood and surrounding amenities can significantly influence property value.

Lot Dimensions: The size and shape of your property lot are taken into account.

Living Area: Total square footage and usable living space are evaluated.

Age of the Structure: Older homes may be assessed differently than newer constructions.

Quality of Construction: The materials used and the overall build quality affect valuation.

Renovations and Additions: Upgrades or extensions can increase your property's assessed value.

What If I Don't Agree with the Assessment? How Do I Dispute It?

If you believe your property's assessed value doesn't reflect its true market value, you have the right to challenge it. MPAC offers a free review process called a Request for Reconsideration (RfR). To initiate an RfR, follow these steps:

Access AboutMyProperty: Log in to MPAC's online tool, AboutMyProperty, to review details about your assessment and compare it with similar properties in your area.

File the RfR: Submit your Request for Reconsideration through AboutMyProperty or by mail. Ensure you provide supporting documentation that justifies your claim.

Await MPAC's Review: MPAC will review your submission and inform you of their decision.

To learn more about residential property assessments, visit: www.mpac.ca/en/PropertyTypes/ResidentialPropertyAssessments