How Do I Find the Assessed Value of my Property in Ontario?

How do I Find the Assessed Value of my Property in Ontario? Access and Interpret Your Property’s Assessed Value in Ontario

If you own a property, you need to know about its assessed value. This value is key because it helps figure out your property taxes. But how do you find this value? Let’s break it down.

Assessed Value: What’s That?

Before we jump into how to find your property’s assessed value, let’s first get clear on what it is. The assessed value is a guess of a property’s worth. A local government official, known as an assessor, makes this guess. This value then helps figure out the property taxes you have to pay.

In Ontario, a group called the Municipal Property Assessment Corporation (MPAC) takes care of assessing all properties in the province.

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Step 1: Going to the MPAC Website

The first step to find your property’s assessed value is to go to the MPAC website. MPAC has a lot of information about property assessments in Ontario. It tells you how assessments are done and how to make sense of your assessment.

Step 2: Using the AboutMyProperty Tool

MPAC has a handy tool called AboutMyProperty. This tool lets property owners see the assessed value of their property. It also shows information about other properties in their area. To use this tool, you’ll need to sign up for an account. You’ll find the Roll Number and Access Key you need to sign up on your Property Assessment Notice.

Step 3: Checking Your Property’s Information

After you log into AboutMyProperty, you can check the information that MPAC has for your property. This includes details about the property’s size, where it is, and any changes made to the property. If you find any mistakes in this information, you can ask for a reconsideration. This step is important because any mistakes can change your property’s assessed value and, as a result, your property taxes. [ 1 ]

Step 4: Comparing Your Property to Others

Another feature of AboutMyProperty is the ability to compare your property to others in your area. This comparison can help you see how your property’s assessed value matches up against similar properties. If you find that your property’s assessed value is a lot higher than similar properties, you may want to think about asking for a reconsideration. This step can help make sure that you’re not paying more in property taxes than you should be.

Step 5: Knowing the Assessment Cycle

In Ontario, property assessments happen every four years. This means that the assessed value of your property can change over time. Knowing the assessment cycle can help you guess potential changes to your property’s assessed value and your property taxes. It’s important to keep an eye on your Property Assessment Notice, which MPAC sends out at the start of the assessment cycle, to stay informed about changes to your property’s assessed value.

Step 6: Asking for a Reconsideration or Appeal

If you don’t agree with your property’s assessed value, you can ask for a reconsideration or file an appeal. This process involves giving evidence to support your claim that the assessed value is wrong. This could include information about similar properties, recent sales of similar properties, or other relevant information. If your request is successful, it could lead to a lower assessed value and lower property taxes for your property.

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Wrap-up: Knowing is Power

In the end, finding your property’s assessed value is a process that’s made easy by the resources provided by MPAC. Whether you’re a homeowner trying to understand your property taxes, a potential buyer guessing future property taxes, or a real estate professional helping clients, knowing how to find a property’s assessed value is a very useful skill.

Remember, in the world of real estate, knowing is power. When it comes to property assessments, the more you know, the better you can make informed decisions. So, arm yourself with this knowledge and navigate the real estate landscape with confidence.