How does MPAC evaluate your property’s value?
Recently, I took a webinar from MPAC (Municipal Property Assessment Corporation) on how they evaluate properties’ values. I learned some things I did not previously know and wanted to share them with you.
- 2020 assessments were paused due to COVID, so the Province and Municipalities are still using values from 2016 which increased in increments each subsequent year to 2019. Pending the next assessment, now thought to occur in 2024, all properties’ taxes are based on their 2019 value unless MPAC has had reason to evaluate an individual property; ie: new builds now finished and occupied or notice of a permit to enhance a property, even possibly an ownership change (!)
- “Effective” means a blended number; ie: lot frontage + rear lot line measurement added together and averaged X 2 sides of the lot added together and averaged = effective SF of the lot, same process with the age of a house; ie: 100-year-old house had complete reno’s at age 50 = effective age of the house: 75 years.
- 85% of a property’s value is arrived at using values for location, effective lot size, SF above grade, the effective age of the property and quality of construction. The remaining 15% of the value is based on variables such as views, landscaping, finished basement, secondary structures (garage, workshop etc.)
- For people needing to know the value of their property up to 20 years ago, $75 will purchase an AVM (automated valuation model) Historical Report by filling in the request form found by CLICKING HERE