How does MPAC establish the assessed value of my property?
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. MPAC analyzes real estate market information from similar types of property 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 (i.e. residential), the rental income a property generates (i.e. office buildings and shopping centres), or the cost to replace a property (i.e. industrial buildings). Each method takes into consideration 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.
