One way to check the accuracy of your assessment is to compare it to the assessed value of similar properties in your neighbourhood.
Five major factors that account for 85% of the value:
- lot dimensions;
- living area;
- age of the property, adjusted for any major renovations or additions; and
- quality of construction.
Some other features that may affect value include:
- finished basements;
- number of bathrooms; and
- the type of heating and air conditioning.
Site features can also increase or decrease the assessed value of your property, such as:
- traffic patterns;
- being situated on a corner lot; and
- proximity to a golf course, hydro corridor, railway or green space.
Comparable property information is available from MPAC free of charge. Read MPAC’s fact sheets on choosing comparable residential properties or visit AboutMyProperty™.