Was your home hit hard by the recent heavy rainfall on April 20, 2017, causing flooding to your basement?
The Municipal Property Assessment Corporation, or MPAC, analyzes real estate market information from similar properties in your area to establish your property’s value. Any one of three methods may be used for this analysis:
- the selling price of a property (residential)
- the rental income a property generates (office building)
- the cost to replace a property (industrial)
Each method considers:
- the location of a property
- the size and quality of any buildings
- features which might add to or take away from a property’s value
Appeal your property assessment
If you feel that the assessed value of your property is more than the actual value of your property, you have the right to complete a Request for Reconsideration with MPAC. The deadline to file is March 31 of the tax year. You can only appeal the assessment, not the taxes billed.
If you were successful in appealing your assessment and received a Notice of Decision letter, note that it will take some time for the tax department to receive this information from MPAC. Pay the current tax bill and once your new assessment is received by the City, your tax account will be updated and a letter mailed to you with your account status.
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