TORONTO — Ontario's Municipal Property Assessment Corporation has begun sending new Property Assessment Notices to a large number of property owners across the province.
"If you recently moved or made changes to your property, your notice is on its way," MPAC says in a statement.
Nearly 900,000 notices are going out in the mail.
Reasons for receiving notices may include:
- change in assessed value
- change to the tax classification
- an update to ownership
- a new property
More than half the notices are due to changes in ownership.
MPAC estimates that just over 18 per cent of notices relate to updates of the assessed value, classification and/or tax liability.
Due to the COVID-19 pandemic, the government has postponed MPAC's province-wide assessment update, which means the notices going out this year are based on a Jan. 1, 2016 valuation date.
The 2021 assessment reflects what the property would have sold for on Jan. 1, 2016, in its current state and condition including any major changes that were made since then.
This calculation will be used by municipalities for their 2022 and 2023 tax years.
Carmelo Lipsi, Chief Operating Officer for MPAC, said "The assessed value ensures a level playing field, with all municipalities working from the same baseline," to ensure fairness and consistency across the province.
Lipsi explained that "This is different from market value – the selling price for a property today – which is impacted by marketplace fluctuations. Assessed value, determined on a fixed date, provides a stable input specifically for municipal budget decisions."
All property owners can access a data base to compare their property with others in the neighbourhood through MPAC's About My Property online tool.
It includes the information and criteria that were used to assess their home
Thunder Bay homeowners who did renovations after pinhole leaks developed in copper water pipes could see an impact on their assessment.
In the case of residents who took out building permits to replace waterlines, new pipes or minor changes wouldn't necessarily affect the assessed value of the property.
However, an MPAC spokesperson told TBNewswatch "if there were other renovations such as a remodel of a kitchen or bathroom, then it may result in a change in the assessed value."
Owners who disagree with a reassessment can file a Request for Reconsideration via the MPAC website.
