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MPAC re-assessment shows hikes up to 32%

July 28, 2016   ·   0 Comments

The latest re-assessment of Ontario property values by the Municipal Property Assessment Corporation (MPAC) shows that while Orangeville’s residential properties increased a uniform 20 per cent, some parts of Dufferin and Caledon saw no increases and others rose 32 per cent.

In fact, the assessed value of homes in one part of Melancthon Township actually declined about 5 per cent, while those in the Riverview area appreciated about 25 per cent.

A somewhat similar range occurred in the Town of Caedon, where assessors found a 32 per cent jump in values near Terra Cotta and nearly 30 per cent in the Bolton area but only about 15 per cent in predominantly rural areas of the town.

And while the market value of Orangeville’s homes rose an average of 20 per cent, to just under $400,000, in Shelburne the jump was just about 17 per cent and brought the average home’s value to $309,000.

Dufferin’s two mainly rural towns, Mono and Grand Valley, saw a wide range of increases. In Mono, the hikes averaged about 23 per cent but ranged from 15 to 32 per cent, the highest increase being in the Starrview and Watermark subdivisions. In Grand Valley, the average jump was under 15 per cent but some rural areas showed no increase and the former village of Grand Valley saw values rise a full 15 per cent.

Elsewhere, Amaranth homes rose an average of about 17%, with the highest increases at 20% near Laurel and Waldemar and the lowest, at 12%, near Shelburne.

The increase in East Garafraxa ranged only from 12% to 16%, but the assessed value of a typical residential home there is $604,000 – about $200,000 more than the average home in Orangeville.

By provincial law, the new assessments will be phased in over the next four years, and will affect individual property owners’  taxes only if their property’s value has risen more or less than the average.

In a news release announcing that  MPAC had begun mailing assessment notices to Orangeville residents, the agency said the local assessed values of residential property values had increased “on average 5 per cent per year since 2012.”

The release said all properties “will have a legislated valuation date of January 1, 2016,” and said  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 property owners in Orangeville may be interested to 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 Orangeville, the typical residential property was assessed at approximately $396,000.

“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,” Ms. Russell said.

The release said property owners can visit aboutmyproperty.ca 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.”

         

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