27 | O akville B eaver | T hursday,June 24,2021 insidehalton.com Real Estate Advertorial MPAC encourages better understanding of property assessments The Municipal Property Assessment Corporation (MPAC) is providing additional information to Ontario property owners on property assessment notices being sent out this year. Since this spring, the notices - which are sent to any property owner whose property has changed, such as new ownership or structures being added, removed or reno- vated - include a specially designed insert card. The plain-language insert explains why the property owner is receiving the no- tice, along with details about the valuation process. "It's important for property owners to understand their assessments, which are vital inputs into municipal decisions," says Carmelo Lipsi, MPAC Vice President and Chief Operating Officer. "Especially since the COVID-19 pandemic disrupted MPAC's regular assessment cycle, we feel now is a good time to clarify how property values are determined." The insert, which was included with more than 38,000 notices distributed in May, notes that MPAC's property assessments are based on a fixed valuation date, uni- form across the province. The fixed date ensures consistency and fairness for every community, with all municipalities starting at the same point for budget decisions such as property tax rates. Because MPAC's 2020 province-wide As- sessment Update was postponed, January 1, 2016 continues to be the fixed date set by the Government of Ontario for MPAC to determine assessed values for this year. "The assessed value ensures a level playing field, with all municipalities working from the same baseline," Lipsi explains. "This is different from market value - the selling price for a property today - which is impacted by ongoing marketplace fluc- tuations. Assessed value, determined on a fixed date, provides a stable input specifi- cally for municipal budget decisions." When determining the assessed value, MPAC considers what a property, in its cur- rent state, would have sold for on the fixed date. If upgrades to the property (such as adding a swimming pool or a major reno- vation) have been made since then, those upgrades are taken into ac- count as if they had been in place on January 1, 2016. Municipal decisions on 2021 and 2022 property tax rates will be based on this data. Assessments are being updated, and property assessment notices sent, for properties that have changed. Otherwise, a prop- erty's previous assessed value will continue to apply. "Our priority at all times is getting the assessment right," Lipsi says. "If a prop- erty owner believes the as- sessment is not accurate, MPAC will review it free of charge." The fastest and easiest way to file a Request for Reconsideration is online through AboutMyProperty. Prop- erty owners can visit mpac.ca and register for AboutMyProperty using their Roll Num- ber and Access Key found on their Property Assessment Notice. The deadline to file a Request for Reconsideration for the 2022 property tax year is printed on each Notice. For additional information, visit www. mpac.ca This report is courtesy of YHSGROC. Intended to solicit buyers or sellers not currently under contract.Copyright © 2021 Oakville - If you've tried to sell your home yourself, you know that the minute you put the "For Sale by Owner" sign up, the phone will start to ring off the hook. Unfortunately,most calls aren't from prospective buyers, but rather from every real estate agent in town who will start to hound you for your listing. Like other "For Sale by Owners", you'll be subjected to a hundred sales pitches from agents who will tell you how great they are and how you can't possibly sell your home by yourself.After all, without the proper information, selling a home isn't easy. 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