3 reasons your home value matters

by | Mar 5, 2024 | Home and Living

For many Ontarians, the place they call home is more than just a dwelling. It’s an investment, a cornerstone of financial stability and often their single largest asset. It is also where they make memories with family and friends and connect with their community.

Whether you’re buying a house soon, selling your current property, refinancing or renovating, it’s important to understand the value of your home.

Here are three reasons why the assessed value of your home matters:

  1. Navigating the housing market can be complicated but having access to accurate and reliable data can help you make informed decisions whether you’re buying or selling a home, renewing a mortgage, renovating or even planning for retirement.
  2. It can help you anticipate and budget for tax obligations since your property taxes are calculated based on assessed home values, at a tax rate based on what your municipality determines is needed to build and run a thriving community there.
  3. It can provide insights into your local real estate market. These insights can impact potential decisions around buying, selling or investing in real estate.

The Municipal Property Assessment Corporation is responsible for assessing the value of every property in Ontario – that’s more than 5.6 million properties across the province.

“Homeowners in Ontario want to know their home’s assessed value and how it compares to others in their neighbourhood,” says Carmelo Lipsi, the organization’s vice president and chief operating officer. “We are committed to providing fair and transparent assessments so Ontarians can be empowered with accurate insights to make informed decisions and understand their local property market.”

Find more information about property assessments at mpac.ca/valuematters

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