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UNDERSTANDING YOUR NOTICE

Why you received this notice

When there is a change in property (such as new construction or major renovation), MPAC updates the assessment and mails a Notice.

Understanding “value”

Assessed value – The property’s value on a fixed date, uniform across the province for fairness and consistency. Used by municipalities for budget decisions.

Market value – The value of the property, if it were being sold today.

Fixed valuation date

COVID-19 caused the cancellation of MPAC’s province-wide Assessment Update. As a result, the fixed valuation date for 2021 and 2022 remains January 1, 2016 – the end of the last assessment cycle.

Determining your assessment

The 2021 assessment is what the property would have sold for on January 1, 2016 – in its current state and condition, including any major changes since then. Think of it as this property, selling on that date.

Visit mpac.ca and log onto AboutMyProperty to learn more about how your property was assessed.

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