In December of 1998 the Government of Ontario created the Municipal Property Assessment Corporation (MPAC). Every municipality in Ontario is a member of MPAC whose job it is to provide consistent property assessments. MPAC currently has 33 field offices across the province and the Municipality of Charlton and Dack is assessed by the Timmins Branch.
The Assessment Act states:
- All real property in Ontario is liable to assessment and taxation, subject to the following exemption from taxation...EXEMPT properties include schools, churches, hospitals, and government owned buildings.
-The assessment of land shall be based on its current value which means the amount of money the property would sell for at arm's length by a willing seller to a willing buyer.
MPAC works on a four year assessment cycle. This means that in any given Valuation Year any increases will be gradually phased in over four years to achieve what your property value was determined at the beginning of the period. Any decreases in assessment values will be realized immediately.
January 1, 2012 Phased in over 2013,2014,2015,2016
*by 2016 your assessment value of 2012 will be realized
January 1, 2016 Phased in over 2017,2018,2019,2020
*by 2020 your assessment value of 2016 will be realized
Five Major Contributors to Value
85% of a residential property's value is generally attributed to these five characteristics:
- Lot Size and Dimensions
- Age- Adjusted for additions and renovations
- Quality of the Construction
Updates to Assessment Values
MPAC can revise the assessment for the current year and/or all or part of the two preceding years.
Requests for Reconsideration and Appeals
By March 31st of the taxation year you must submit the RfRs and Appeals form.
By September 30th changes in value or classification from a RfR review are confirmed in Minutes of Settlement and mailed to the property owner.
The property owner can either:
- sign the Minutes of Settlement and return the form to MPAC; or
- file an assessment appeal with the Assessment Review Board within 90 days.
Proceed through the assessment appeal process.