The Municipal Property Assessment Corporation (MPAC) is responsible for the calculating and setting of all assessment values in Ontario. To establish your property’s assessed value, MPAC analyzes property sales in your community. This method is called Current Value Assessment. In addition to sales, they look at a variety of other key features of every property. Some of the major factors utilized are: location, lot size, living area, age of the property, major renovations or additions, and quality of construction. MPAC will analyze the key features of your property with sales of comparable properties in your community to determine the final assessment value.
MPAC mails a Property Assessment Notice to all property owners in Ontario every four years. The Notices being mailed out in 2016 represent MPAC’s assessed value of your property as of January 1, 2016. To evaluate if your assessed value is accurate, simply ask yourself if you could you have sold your property for its assessed value on January 1, 2016. If the answer is “yes”, then you have been assessed appropriately. If the answer is “no”, you may file a “Request for Reconsideration” and MPAC will review your assessment, free of charge. Your deadline to file a “Request for Reconsideration” is printed on your Property Assessment Notice. The easiest way to start the review of your property’s assessment is to visit www.aboutmyproperty.ca. Page one of your Property Assessment Notice has your Roll Number and Access Key. You will need these to log into the website. If you do not have your most recent assessment notice, contact MPAC at 1 866 296-MPAC (6722). More information and details about your assessment can be obtained at www.mpac.ca.