Reassessment and Property Value
The Municipal Property Assessment Corporation (MPAC) assesses the value of homes and businesses across the province.
MPAC establishes the value of homes by using a "direct comparison approach". This means they look at sale prices within a housing market to determine a home's current value.
They also make changes to home value based:
- Building area
- Age
- Lot size
- Construction quality
- Location
Calculating Property Tax
MPAC's property assessments are important because they are used by the Region, the local municipalities and the school boards to calculate how much a homeowner or business will be charged in property taxes.
Example:
MPAC's current property assessment
× tax rate
= Amount owed in property taxes
Reassessment
Every four years, property owners receive their reassessment from MPAC.
Assessments are phased in over four years.
When a home goes up in value it does not always mean a resident will be paying more property taxes. Watch this short video to learn more:
Market Changes
When home value increases in a market it does not immediately result in more income for the Region.
Changing values in a market may redistribute how much each homeowner must pay, but no new money is collected.
The only time more money is collected through property taxes is when the budget increases in size.
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