Understanding Your Assessed Value
To establish your property’s assessed value, MPAC analyzes sales of comparable properties in your area. This method, called Current Value Assessment (CVA), is used by most assessment jurisdictions in North America. In addition, we look at all of the key features that affect market value. When assessing residential properties 200 different factors are considered.
Five major factors account for approximately 85% of the value:
- lot dimensions;
- living area;
- age of the property, adjusted for any major renovations or additions; and
- quality of construction.
Other features that may affect value include: number of bathrooms, fireplaces, garages, pools, whether properties have water frontage, and so on.
To Learn More
You can obtain detailed information about your property and up to 24 additional properties of your choice, free of charge, by logging in to aboutmyproperty.ca.
In reviewing your assessed value, you should consider all relevant sales of similar properties in proximity to your property. You should also select sales that are close to the legislated valuation date. In circumstances where there are limited sales or similar properties, the time frame for selecting sales and geographic area for comparable properties may be expanded.