A guide for first-time owners: Navigating property assessments and taxes
(NC) First-time home ownership is a significant milestone, and with it comes unique experiences, like navigating property assessment and taxes for the first time.
If you’re unsure how your property assessment is determined and how it relates to your taxes, here is what you need to know:
Over 5.6 million properties across Ontario are assessed and classified by The Municipal Property Assessment Corporation, an independent, not-for-profit organization.
There are five key elements that affect your property’s value:
Location: The neighborhood where your home is situated significantly influences its market value. The desirability of the area often plays a crucial role in determining how much a buyer is willing to pay.
Lot size: The area of your lot is calculated by multiplying the frontage by the depth. A larger lot size can positively impact your property’s value.
Total square footage of living area: The exterior of your home is measured to determine the total area of the building. It’s important to note that this measurement excludes areas like the basement, deck, porch or garage.
Building age: Property value is adjusted to reflect renovations or additions, considering the actual condition of the house rather than its original construction year.
Construction quality: The type of building materials used, and the quality of finishes also play a role in determining your property’s assessed value.
Property data is collected through on-site inspections, digital imagery and information provided by property owners, including via questionnaires. This data helps inform property assessments which are used by municipalities to help calculate property taxes.
Understanding your property assessment will help you become better equipped to navigate the financial responsibilities of homeownership. Find out more at mpac.ca/valuematters.
Attention Editors: This content is reserved for distribution in Ontario only.
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