Correcting Mpac - Good idea?

[RE123RE]

Hello,

Mpac has doubled(!) their estimate of our apartment building's value from 2012 to 2016.

We found they did it based on the wrong utilities costs. Our utilities costs are unfortunately double their estimate.
Therefore, the property's value is lower than MPAC thinks.

Should we request them to correct this?

The source of our dilemma is:
If they reduce the value it will be great for our property tax which increased significantly as a result of their wrong assessed value.
But will it also be more difficult to sell the property if Mpac lowers its value?

Thank you.

Regards,
Neil

 

[Matt Crowley]

Get the lowest value possible for the tax assessment. Lower expenses = higher profit.

Unfortunately, it will probably be reset at sale, otherwise there would be value in selling a property that is undervalued by tax assessment.

 

[Thomas Beyer]

Appeal it. You can hire a firm or do it yourself.


Sent from my iPhone using myREINspace

 

[RE123RE]

Thank you Thomas and Matt.
I understand you both recommend appealing.
Thomas, is there any company in Ontario you recommend for this purpose?
Regards,
Neil