It’s about this time, just after MPAC releases their new assessments that I get calls regarding increases in value of your properties. My response is “Always fight it!”. Ask for a reconsideration…if you don’t, then you can expect continued increases in the future.
Begin by completing MPAC’s reconsideration form. Here’s the link on their site: http://www.mpac.ca/pdf/request_for_reconsideration_residential_2013.pdf
A word of caution: Every time you fight an assessment MPAC is gathering more and more intelligence on your property and your neighbours…welcome to “Big Brother”. The more information they have the better their intelligence for future use.
You can provide comparable sales information or assessment information of properties in your neighbourhood. In my opinion, this task is a challenge for anyone, including MPAC. We are in an area where there are so many variables on properties…we don’t have cookie cutter homes and cottages, we don’t have lots that are exactly the same size, shape or with the same features. So, work with what you know and don’t be afraid to go onto MPAC’s website and search for comparable assessments…you can access up to 24 properties.
The only way for anyone to know the true value of a property is to sell it…and that won’t help your current taxation situation. You can ask a Real Estate Broker, like myself, to do an official opinion of value on your property based on comparable sales, however, in most cases it is likely that the opinion of value will be more than the assessment. So, I say save your money on the cost of the appraisal and try for a reconsideration anyway.
I’m always available and happy to give you a quick assessment over the phone and if the MPAC assessment is way out of whack, then yes, get an official valuation.
If you just bought a property and you paid less than the assessment, you definitely should ask for a reconsideration…because, what you paid is the true market value.
It’s my opinion that if you don’t try you will never get it adjusted.
Don’t forget to send your comments, stories, or ideas, in the comment section below or via email at email@example.com.
Demystifying the Agreement of Purchase and Sale-Title Search Clause
Kathy Dimaline is a Real Estate Broker for RE/MAX Grey Bruce Realty Inc. The comments on this Blog are the opinions, only, of Kathy Dimaline and do not constitute any legal advice or legal opinion and does not represent the interests or opinions of RE/MAX Grey Bruce Realty Inc., brokerage.
© Copyright Kathy Dimaline, All Rights Reserved