How does my property's assessed value affect the property taxes I pay?
MPAC uses Current Value Assessment (CVA) to determine the value of your property. CVA is defined as the estimated sale price of your property in the reassessment year as calculated by MPAC. For the municipal tax year starting in 2017, all Ontario properties were reassessed by MPAC based on market value at January 1, 2016.
How does MPAC assess your CVA? For residential properties, they look at property sales in your area, as well as five major factors that usually account for 85% of your property’s value:
You can also compare the value of your property to others in your neighbourhood by visiting www.aboutmyproperty.ca.
How does my property's assessed value affect the property taxes I pay?
Your property tax is calculated by taking the assessed value of your property and multiplying it by the approved tax rate for your property’s class (e.g., residential, farmland, multi-residential, commercial, etc.). The municipal tax rate is determined after North Perth Council and the County of Perth approve their budgets and the Province of Ontario establishes the Education Rate. The tax rate is applied to your property’s current value assessment (CVA) to determine the amount of property taxes to be levied.
It’s important that you review your property assessment when it comes in the mail. If you don’t agree with the amount, you can appeal your assessment by filing a Request for Reconsideration with MPAC. The deadline to file an RfR will be printed on your assessment notice.
Remember: once you receive your property tax bill in the mail, it’s too late to appeal your property’s assessment to MPAC for the current tax year.
Have questions about your property assessment? Contact MPAC at 1-866-296-6722 or www.mpac.ca
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