MANITOULIN—The Municipal Property Assessment Corporation (MPAC) began mailing Property Assessment Notices recently in the Manitoulin area, where assessed values of residential property values have little change since 2012.
Every four years MPAC conducts a province-wide Assessment Update and mails Property Assessment Notices to every property owner in Ontario. In 2016, MPAC will update the assessed values of every property in Ontario. All properties will have a legislated valuation date of January 1, 2016.
MPAC looks at sales and compares properties to similar properties that have sold in a particular area. “Our assessments reflect the local real estate market and property owners in Manitoulin may be interested to know the value of their home has not changed much over the last four years,” said Walter Veneruzzo, Director of Valuation and Customer Relations in MPAC’s Thunder Bay office. In Manitoulin, the typical residential property is assessed at approximately $142,000.
“Property owners should ask themselves if they could have sold their property for its assessed value on January 1, 2016. If the answer is yes, then their assessment is accurate and no further action is required. If not, we are committed to working with them to get it right,” said Mr. Veneruzzo.
Island property owners can visit aboutmyproperty.ca to learn more about residential market trends in their area and how their property was assessed. By using the Roll Number and unique Access Key on their Property Assessment Notice, they can also see the information MPAC has on file for their property and compare it to others in their area.
Property assessment information is provided to your municipality for property tax purposes. Property owners can also learn more about the relationship between property assessment and taxation through aboutmyproperty.ca.
“We are committed to working with property owners if they have questions about their assessment,” Mr. Veneruzzo said.
For more information, property owners can visit aboutmyproperty.ca or contact MPAC at 1 866-296-MPAC (6722).