The Municipal Property Assessment Corporation (MPAC) began mailing Property Assessment Notices today in Mississauga, where assessed values of residential property values have increased on average 6.8 per cent per year 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.
Assessments can be appealed.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. Contact MPAC at 1 866-296-MPAC (6722). – CINEWS