How is market value determined?
Municipal Property Assessment Corporation (MPAC) prepares assessments for all properties in Ontario. The assessment is an estimate of market value as of January 1, 2012 (the current base year). 2012 assessed values are phased in over a four year period: 2013-2016. Your assessed value is multiplied by the applicable tax rate to calculate yearly taxes.
The annual deadline to appeal your assessment is March 31. Residential and farm property owners must file a Request for Reconsideration (RfR) prior to this deadline as the initial step in the assessment appeal process. Other tax classes are not required to file an RfR prior to appealing an assessment on a property. RfR forms are available on the MPAC website or by calling 1-866-296-6722. Property owners may file an Appeal with the Assessment Review Board (ARB), an independent tribunal of the Ontario Ministry of the Attorney General whose decision is binding. There is a cost to file a formal appeal to the ARB with a deadline of March 31 of each taxation year. Forms are available Government of Ontario Assessment Review Board or by calling 1-800-263-3237.
Supplementary and omitted assessments reflect any increase in assessment due to an addition or improvement to a property. If your property is a newly constructed home, it is likely your initial assessment is for the value of the land only. When these situations occur, an assessor from MPAC will assess any additional value. You have the opportunity to appeal this assessment if you believe it is incorrect. Please read your Assessment Notice carefully as there is a deadline for appealing.
Every property owner is entitled to view the assessment details of up to six comparable properties of their choice at no cost by using the service AboutMyProperty on the MPAC website.
Municipal Property Assessment Corporation
6745 Century Ave, Suite 1
Mississauga, ON L5N 8C9
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