A Toronto tax consultant thinks MPAC – Ontario’s Municipal Property Assessment Corporation – may have over-assessed as many as one third of Ontario single family homes.
This could result in paying hundreds of dollars of extra tax over the next few years. The assessment problems are caused by MPAC’s averaging system. They use municipal sources and MLS sales figures that don’t properly reflect the variations in older homes.
The best advice is to contact MPAC and appeal your assessment if you think you are over-assessed. Bear in mind that the same consultant says roughly one third of homes are currently under-assessed.
Sources: Globe and Mail
Tags: home assessment, MPAC, municipal taxes Ontario, ontario taxes, over assessment
2 Responses to “Inaccurate Ontario Assessment Could Mean Tax Overpayment”
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Filled Under: Real Estate
May 30th, 2010 at 1:55 pm
thanks for great informations It’s a wonderful
May 30th, 2010 at 6:35 pm
Nice Information.. Thx for sharing this
information