Is your home value right? Check your property assessment

by | Mar 21, 2024 | Finance and Business, Home and Living

With spring and the warmer weather just around the corner, we tend to start thinking about the season’s to-do list. For some, that means considering home renovations or adding a new feature like a pool or shed. For others, it’s the ideal time to buy or sell a home.

How do these home improvement projects impact the value of your home, and how do you know it’s right?

Over the past 20 years, the Municipal Property Assessment Corporation, which assesses and classifies all properties in Ontario, has worked to increase transparency around the assessment process and how values are determined.

Every property owner in Ontario has access to AboutMyProperty, a free online tool where they can view detailed information about their property, learn more about how their property was assessed and compare their property’s assessed value to others in their neighbourhood. If they disagree with their assessment, they can file a request for reconsideration, free of charge.

Through the tool, owners can also find several documents to help understand their property assessment including:

  • Copies of any Property Assessment Notices issued
  • Their property profile which lists details on file for your property
  • Methodology guides which are detailed documents that explain exactly how property assessments are carried out
  • Market valuation reports that explain how relevant methodology was applied to a specific group of properties

There are also proactive steps a property owner can take at any time to make sure the information on file about their property is accurate. For example, since assessments are based in part on information that is on record, you can go online and make sure your details on file are up to date. The assessors consider up to 200 different factors when assessing a residential property, including input from property owners.

Property assessments can be complex but understanding them empowers homeowners to make informed decisions about their property. If you’re interested in learning more, visit mpac.ca/valuematters

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