good news and bad news about your 2016 MPAC assessment
By Fred Sherwin
you live in the far east end of Ottawa, you very likely
received your 2016 MPAC property value assessment in the
mail last week.
letters, which contain the assessed 2016 market value
of your home, are mailed out to every single property
owner in the province and are used to determine you property
taxes over the next four years..
assessments, at least here in Orléans, may contain
both good news and bad news, depending how you feel about
the perceived equity in your home and the relationship
between home equity and taxes.
average assessment for single detached family homes in
Ottawa has gone up 4.6 per cent over the past four years,
which is just over 1.1 per cent a year. In real dollar
terms, that means that the value of the average $350,000
home in Ottawa has only increased by $16,100 over the
past four years.
increase in property values were even lower in the east
end where the value of homes in Innes Ward went up by
2.86 per cent and the average increase in Orléans
Ward was 2.75 per cent. Further east, property values
in Cumberland Ward have increased by an average of 3.13
per cent since 2012.
good news in all of this is that if your the assessed
value of your home went up by less than 4.6 per cent,
you may see a decrease in your municipal tax bill next
year. It's impossible to calculate the full impact the
decrease will have on your tax bill until city council
passes the 2017 budget which could contain a tax increase
that could wipe out any decrease homeowners might have
realized as a result of their adjusted property value
thing for certain is that the MPAC assessments won't result
in a tax increase for anyone here in the east end. But
that's only half the story.
slow down in assessment is the much bigger story. In 2012,
when the last MPAC assessment notices were mailed out,
local property values had increased by 26 per cent, or
roughly 8.25 per cent a year.
assessed value of your home is important for several reasons.
It's a relatively accurate estimation of what you can
expect to get for your home if you were to sell it today.
for a significant portion of homeowners, their home is
their retirement plan. The higher the assessed value,
the greater the potential equity. Yes, higher property
values mean higher taxes, but it also means a larger payoff
once you sell your home.
I'd take a 10 per cent increase in property taxes along
with a 10 per cent increase in the value of my home, rather
and no increase in taxes and and no increase in my property's
5:30 p.m., July 23)
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