London Residential Property Values on Average Has Increased 1.5 Per Cent Per Cent Per Year Since 2012
LONDON, Ontario, April 19, 2016 – The Municipal Property Assessment Corporation (MPAC) began mailing Property Assessment Notices today in London, where assessed values of residential property values have increased 1.5 per cent per year since 2012.
Every four years MPAC conducts a province-wide Assessment Update and mails Property Assessment Notices to every property owner in Ontario. In 2016, MPAC will update the assessed values of every property in Ontario. All properties will have a legislated valuation date of January 1, 2016.
MPAC looks at sales and compares properties to similar properties that have sold in a particular area. “Our assessments reflect the local real estate market and most property owners in London know the value of their home has increased over the last four years,” said Karen Russell, Director of Valuation and Customer Relations in MPAC’s London office. In London, the typical residential property is assessed at $265,000.
“Property owners should ask themselves if they could have sold their property for its assessed value on January 1, 2016. If the answer is yes, then their assessment is accurate and no further action is required. If not, we are committed to working with them to get it right,” said Russell.
Property owners can visit AboutMyProperty to learn more about residential market trends in their area and how their property was assessed. By using the Roll Number and unique Access Key on their Property Assessment Notice, they can also see the information MPAC has on file for their property and compare it to others in their area.
Property assessment information is provided to your municipality for property tax purposes. Property owners can also learn more about the relationship between property assessment and taxation through AboutMyProperty.
MPAC’s province-wide Assessment Updates of property values have exceeded international standards of accuracy. MPAC’s property values and data are also used by banks, insurance companies and the real estate industry.
“We are committed to working with property owners if they have questions about their assessment,” Russell said. For more information, property owners can visit AboutMyProperty or contact MPAC at 1 866-296-6722.
The Municipal Property Assessment Corporation (MPAC) is an independent, not-for-profit corporation, responsible for assessing and classifying more than five million properties in Ontario in compliance with the Assessment Act established by the Government of Ontario.
Every four years MPAC conducts a province-wide assessment update to determine the Current Value Assessment for all properties which municipalities use to set property tax rates.
MPAC assessors are trained experts in the field of valuation and apply appraisal industry standards and best practices to establish property values— which exceed international standards of accuracy.
Residential Market Trends for each municipality in the province will be released as Notices are mailed between April and August 2016. For more information about MPAC and the full Property Assessment Notice mailing schedule visit mpac.ca.