Did MPAC Reassess You?
You may be surprised to know the features of your home that affect your MUNICIPAL PROPERTY ASSESSMENT VALUE (MPAC).
I’m often asked how the municipality derives the definitive value of properties. Large differences can found on a street despite the comparability of the location, lot size and age of the home.
Five Major Factors
MPAC analyzes property sales in your community however, there are five major factors that account for 85% of a residential property’s value. They include:
- Location
- Lot dimensions
- Living area (square footage of living space on all levels)
- Age of the property; adjusted for any major renovations or additions
- Quality of construction
- Fireplaces
- Garages
- Workshops
- Number of bathrooms
- Quality of construction
- Boathouses
Urban and Suburban Properties
MPAC also takes into consideration some site features in urban and suburban areas such as:
- Traffic patterns
- Corner lot
- Proximity to a golf course, hydro corridor, railway or green space
Rural Properties
MPAC also addresses other factors for rural properties such as:
- Access to the property
- Topography
- Lot services such as hydro, water and sanitary/septic services
Special Classes may reduce the assessed value of a property if it qualifies for three different tax incentive programs, which include:
- Farm Property Tax Class Program
- Conservation Land Tax Incentive Program
- Managed Forest Tax Incentive Program
If you would like to obtain additional details about these programs please contact us and we can forward a package to you.
