The Municipal Assessment Corporation, or MPAC, determines the assessed value for all properties across the province. MPAC is responsible for assessing and classifying more than five million properties in Ontario. The property assessments MPAC provides are what municipalities use to base the property taxes needed to pay for community services.
MPAC analyzes real estate market information from similar types of properties in your area to establish your property's value. Any one of three methods may be used for this analysis:
- The selling price of similar properties;
- The rental income a property generates; and
- The cost to replace the property.
Each method takes the location of a property, the size and quality of any buildings, and features which might add to or take away from a property's value in consideration.
MPAC operates under the authority of the Municipal Property Assessment Corporation Act. Every municipality in Ontario is a member of the corporation, which is governed by a board of directors selected by Ontario's Minister of Finance.
If you disagree, or feel that your assessment is not accurate, please contact their office.