Peel Region homeowners will see the assessed value of their property increase by an average of 5.5 per cent in 2013.
“Residential property values have increased by an average of approximately 22.1 per cent in the Region of Peel since 2008 when the last Assessment Update was delivered,” said John Daly, Municipal Relations Representative in the Municipal Property Assessment Corporation’s (MPAC) Mississauga office.
Because of the four-year phase-in program, property owners will see an average assessment increase of 5.5 per cent each year for the next four years. The phase-in program does not apply to decreases in assessment, which are applied immediately for the 2013 property tax year.
Property Assessment Notices are now being mailed to nearly 341,000 area property owners as part of this fall’s province-wide assessment update.
An increase in assessment does not necessarily mean an increase in property taxes. If the assessed value of a home has increased by the same percentage as the average in the municipality, there might be no increase in the property taxes paid by property owners.
Daly said residential property values have increased by approximately 23.7 per cent, 20.7 per cent and 15.4 per cent in Mississauga, Brampton and the Town of Caledon respectively.
With the four-year phase-in, property taxpayers will see an average increase of 5.9 per cent, 5.1 per cent and 3.8 per cent, respectively, for the 2013 property tax year.
Since 2008, waterfront property in Peel Region has increased by an average of 18.4 per cent. With the four-year phase-in, property taxpayers will see an average increase of 4.6 per cent for the 2013 property tax year.
Farmland in Peel Region area has increased in value by approximately 74.3 per cent. With the four-year phase-in, property taxpayers will see an average increase of approximately 18.5 per cent.
According to Larry Hummel, MPAC’s chief assessor, values increased for all categories of agricultural land in every area of the province. The increase is based on a number of factors including that farmland in many parts of the province remains in high demand.
Under Ontario law, farm homes and one acre of property, on which the home sits, are taxed at the same rate as residential property in the municipality.
The maximum tax rate for farmland is 25 per cent of the residential tax rate and municipalities can adjust the tax rate so that it is lower than 25 per cent of the residential rate.
“Our values reflect the local real estate market and confirm that most homeowners in the area have seen an increase in the value of their property over the past four years,” Daly said.
MPAC’s role is to accurately assess every property in Ontario.
“Property owners should ask themselves if they could have sold their property for its assessed value on January 1, 2012. If the answer is yes, then their assessment is accurate. If not, we are committed to working with them to get it right,” Daly said.
Property owners can check the accuracy of their assessment at www.aboutmyproperty.ca. This website allows owners to easily compare the value of their property to others in their neighbourhood and community.
Registration information is included with every Notice mailed this fall.
If property owners believe their assessment is not correct, they have the option of filing a Request for Reconsideration and MPAC will review their assessment free of charge.
Hours will be extended at MPAC’s Mississauga office during the Notice mailing period this fall.
Property owners should refer to their notice for more information. Property owners can also call MPAC’s Customer Contact Centre toll free at 1-866-296-MPAC (6722).