What happens if I don't agree with my property assessment?
If you do not agree with your 2016 property value assessment, you may file a request for reconsideration with MPAC by November 1, 2016. For more information, visit www.mpac.ca.
I heard that property values have gone up by 27%. Will I be paying that much more in property taxes?
No. The average value of homes across Hamilton has increased by about 27% since the Municipal Property Assessment Corporation (MPAC) did its last assessment in 2012. This new average value becomes the baseline. Your property taxes will be based on if your property is reassessed at, above or below this average value. Since the increase is phased in over four years, the average change will be approximately 7% per year.
If MPAC says my home has increased in value, will that mean I’ll be paying more property taxes?
An increase in property values doesn’t necessarily mean higher property taxes. Taxes are based on multiplying your assessment value by a tax rate. For 2017, properties rising more than 7% in value will see an increase to their taxes. Those at the average 7% increase will see no increase and those less than the 7% average will see a decrease. (This is based on no changes in the municipal taxes approved by Council or on the education portion of your taxes approved by the Province.)
How will I know if my taxes will increase?
Here are some examples of what could happen with your taxes (if things such as the City’s budget and tax policies stayed the same as this year). In 2016, each house was valued at $100,000 with property taxes of $1,000:
|Property Example||Property Assessment||Tax Rate||Yearly Property Tax|
- In 2017, the assessment of House A increased by 7% (the city’s average) to $107,000 and as a result, the property taxes will remain at $1,000
- The value of House B increased only by 4% (below the city’s average) and as a result, the property taxes will be reduced to $972
- The value of House C increased by 10% (above the city’s average) and as a result, the property taxes will be increased to $1,028
Do changes in property taxes happen right away?
Increases to property assessments are phased-in over four years. Decreases are applied immediately. Any changes in property taxes paid to the City will not take place until the Final 2017 tax bill sent in June of next year.
Should I wait for my 2017 tax bill to see what the change in my home’s value is on my property taxes?
No. When you get your property assessment notice and you feel the value is too high, you must appeal that assessment within 120 days of the notice date. You cannot wait until the tax bill is received in June 2017 to see how it may affect your taxes.
More information on MPAC reassessments including how to appeal your reassessment can be found at www.aboutmyproperty.ca or 1 866 296-MPAC (6722).
Is there any help for people on a fixed income if my property taxes go up next year?
The City has some tax assistance and deferral programs to help low income seniors, low income persons with disabilities and individuals and families who are facing extreme poverty and people dealing with sickness.
For more information, call 905-546-2489 or learn about Tax Assistance Programs.
Who does property value reassessments, and how?
Property reassessments are done by the Municipal Property Assessment Corporation (MPAC). MPAC is an independent non-profit corporation accountable to the Province. Your property value is based on actual sales of homes like yours in your neighbourhood on or around January 1, 2016. MPAC takes into consideration differences in homes for such things like garages, pools, and the number of bedrooms and bathrooms.
For more information
Watch a tutorial to learn more about how your property was assessed, market trends in your area and the features available to you through AboutMyProperty TM.
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