Applies to the valuation date of January 1, 2012
The Municipal Assessment Corporation has been busy re-assessing the fair market value of all properties in Ontario. As of September they started sending out new assessment notices to nearly 5 million properties in Ontario.
These mailings are expected to continue through October and November. So if you have not received yours you will soon.
The last legislated valuation date was January 1, 2008. The current notice reflects the assessed value of your property as of the legislated valuation date of January 1, 2012.
Under the phase-in program, increases in value between January 1, 2008 and January 1, 2012 will be phased in over the next four years, from 2013 to 2016. Decreases will be applied immediately.
Some Highlights and Findings
Here are some findings, according to MPAC’s Market Snapshot, Assessment Update Edition, released September, 2012.
- The value of residential property in Ontario increased an average of 18% from Jan. 1, 2008 to Jan. 1, 2012. This means that any increase in assessment will be phased in at the average rate of 4.5% over the next four years.
- Toronto and bordering municipalities north and west have seen the most significant increases in value.
- Significant increases are also evident in northern Ontario and the Ottawa area.
- Niagara and southern Ontario, in contrast, reflect some of the lowest rates of growth since 2008--on average 10% or less over the last four years. Under the phase-in program, Niagara property owners will see an average phase-in increase of 2.5% over the next four years.
- Condos have generally kept pace with increases in values for single-family homes.
For the full report, Google: MPAC Market Snapshot.