MPAC assessments appeal

[YehoramShenhar]

Hi,

As all Ontario owners know, MPAC issued new property assessments for 2009-2012 with values reflecting the increases that existed in the markets during the past few years. However, with the current economic reality those growth projections are questionable. I read in teh recent Real Estate magazine that owners are encouraged to appeal the assessments.

Has anybody gone through the process? Any tips on what works?

Thanks!

 

[wwds]

QUOTE (YehoramShenhar @ Feb 18 2009, 07:22 PM) Hi,

As all Ontario owners know, MPAC issued new property assessments for 2009-2012 with values reflecting the increases that existed in the markets during the past few years. However, with the current economic reality those growth projections are questionable. I read in teh recent Real Estate magazine that owners are encouraged to appeal the assessments.

Has anybody gone through the process? Any tips on what works?

Thanks!

Hi Yehoram,

Been through the process multiple times. Best advice is look at MLS sales (NOT LIST PRICES) in your area for comps. say for last 6-12 months. If the market prices look unbalanced compared MPAC`s appraisal of your place you now may have a basis to continue. Be sure when you do your comps. you are comparing apples to apples. Try to find similar homes to yours when you do your comps. Get a list of like homes sold in your area that sold for less than your appraisal. Fill out MPAC`s RFR online form and fax your comps plus the RFR form into their office and wait for their response. That`s it.

Regards,

Steven