Condominium Property Assessments
To assess your condominium property, we compare the details of your property to similar condominiums that have sold in your area. This process is called Current Value Assessment, and there are up to 200 factors we may consider. For condominiums, there are four key factors that affect the property value.
Four key factors affecting condominium assessments
There are four key factors that have the biggest impact on your condominium's value:
- age of the buildings on the property
- total square footage of living area
- quality of construction
In addition there are other factors that may contribute to the value of your condominium.
Letters to condominium owners and boards
From time to time, we will send out a letter to you with an Assessment Record Form requesting information about your condominium. We do this to gather correct and up-to-date information so we can determine an accurate property assessment for your unit.
Property Assessment Change Notices for new condominium owners
Condominiums are often built and occupied well before they are legally registered and transferred, meaning that a new owner could take possession before they have legal title.
MPAC issue Property Assessment Change Notices (PACNs) to condominium developers for units that are occupied before the condominium declaration is registered, to reflect current ownership at the time of assessment. Once the condominium declaration is registered, we will create individual units assign each one an assessment roll number. Then when the units are occupied, we will issue a PACN to each unit owner.