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Holiday Closure

The OREA office will close for the holidays at 12 p.m. Tuesday, December 24th.  Normal business hours will resume on Thursday, January 2nd.  Happy Holidays!

January 5th - 2006

Property assessments not set in stone

Real estate markets seem to be plateauing and the Municipal Property Assessment Corporation (MPAC) is trying to reflect that in their property value assessments.

Real estate markets seem to be plateauing and the Municipal Property Assessment Corporation (MPAC) is trying to reflect that in their property value assessments. But all it takes is an error in assessment or one hotly-contested home to boost prices in the neighbourhood, increase value assessments, and send tax bills on an uphill slope some clients may think they’ll need Sherpas to climb. It may be comforting for them to know that they can ask MPAC to review their property’s assessed value.

Time to reconsider
MPAC is a not for profit corporation that administers the property assessment function for the Province of Ontario. It has revamped its processes and will now be on a one-year cycle, providing property assessments in the 445 municipalities across the province.

For homeowners who believe that the assessed value on of their property is inaccurate, they can: a) ask MPAC to review their property’s assessed value, or; b) file a Notice of Complaint with the Assessment Review Board (ARB), which is an independent tribunal, governed by the Ontario Ministry of the Attorney General.

MPAC assesses 4.4 million properties: “We know we won’t get everything correct, but that’s why we have the Request for Reconsideration,” the corporation’s Bill Bradley told REALTORS® at the OREA Political Affairs Seminar this past November. At no cost, MPAC will review material homeowners provide and the information that they have about the property in their files. Details such as the size, location, condition and age of the property and details such as depreciation, nuisances and any other factors that can have an impact on the current value of the property are considered. Sales and values of similar properties in the area are also considered in the review.

Homeowners can request a review by completing a Request for Reconsideration (RFR) form on line at www.mpac.ca, or by contacting MPAC by phone at 1-866-296-MPAC (6722). There is no fee for the review, and one can be requested any time before December 31, 2006.

Homeowners and property owners who decide to file the Notice of Complaint must do so by March 31, 2006. The ARB’s required filing fee for a residential or farm property is $75. For multi-residential, commercial, or industrial properties, the filing fee is $150.

A Notice of Complaint can be filed if an RFR has been completed or if it hasn’t. It can be filed if MPAC has completed its review and the property owner still disagrees with the assessed value. It can also be filed if the property owner has asked MPAC to review the assessed value and has not heard from MPAC by March 31, 2006.

More information is available by contacting MPAC directly. Property owners can also access information through MPAC’s online information and help section, AboutMyProperty™.

You can remind buyers that the tax situation can change and protect sellers if it does with a carefully-worded clause.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Senior Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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