How are property taxes calculated in Ontario?
Municipal Property Assessment Corp. (MPAC) has been the independent, not-for-profit organization in charge of property assessments in Ontario since the Ontario government transferred the responsibility Dec. 31, 1998. (Prior to 2001, it was known as the Ontario Property Assessment Corp.) MPAC uses a method known as current value assessment to assess the value of properties. The company obtains property information through a variety of sources, including land title documents, building permits and actual on-site property inspections and considers sales and up to 200 factors in making the assessment. Five of these factors make up about 85 percent of the value of most properties.Age of the PropertyMPAC takes both the actual year the house is built and the effective year into account when making the assessment, as the age of the house affects its value. The effective year is an adjustment to the date of construction, based on major renovations and additions.Building AreaThe size of the house
