MPAC Presentation to the Federation of Ontario Cottagers’ Associations Larry Hummel, B.A., M.I.M.A., FRICS MPAC’s Chief Assessor October 26, 2012
What you will learn… • 2012 Assessment Update • Trends and Analysis – Residential • Trends and Analysis – Waterfront • AboutMyProperty TM • Value Review Process
Four-year Assessment Cycle Update Year Valuation Date Taxation Year(s) 2005 January 1, 2005 2006, 2007, 2008 2008 January 1, 2008 2009, 2010, 2011, 2012 2012 January 1, 2012 2013, 2014, 2015, 2016
Assessed Value of Your Property Property Classification Residential Assessed Value as of January 1, 2012 $ 600,000 Assessed Value as of January 1, 2008 $ 500,000 Over 4 Years Your Property’s Value Changed By $ 100,000 2013 Tax Year $525,000 2014 Tax Year $550,000 2015 Tax Year $575,000 2016 Tax Year $600,000
Assessed Value of Your Property Property Classification Residential Assessed Value as of January 1, 2012 $ 500,000 Assessed Value as of January 1, 2008 $ 600,000 Over 4 Years Your Property’s Value Changed By $ -100,000 2013 Tax Year $500,000 2014 Tax Year $500,000 2015 Tax Year $500,000 2016 Tax Year $500,000
Trends and Analysis Residential
Residential Tax Class Growth By Zone 40% 35% 30% % Change 25% 22.5 20% 22.3 Prov. 21.8 AVG. 15% Central South 18% South West 10% 11.7 9.34 North Central 5% 7.3 North East GTA 0% South GTA Central North Central East West North South
2012 Assessment Update
Toronto 2012 Assessment Update
GTA 2012 Assessment Update
Ottawa 2012 Assessment Update
Residential – Western Ontario Cities 2012 Assessment Update
Residential – Other Ontario Cities 2012 Assessment Update
Waterfront – Muskoka/Parry Sound/ Haliburton/ Kawartha Lakes * For illustration purposes only
Market Area – Peterborough County & City of Kawartha Lakes * For illustration purposes only 2012 Assessment Update
Market Area – Haliburton County * For illustration purposes only 2012 Assessment Update
Market Area – Muskoka/Parry Sound (Large Lakes) * For illustration purposes only 2012 Assessment Update
Market Area – Muskoka/Parry Sound (Small Lakes) * For illustration purposes only 2012 Assessment Update
Market Area – Muskoka/Parry Sound (Georgian Bay) * For illustration purposes only 2012 Assessment Update
District of Muskoka 2008 CVA to 2012 CVA 9 7.99 8 7 Percentage Shift 6 Region AVG. 5 4.64 5.2% 4 2.9 3 1.93 2 1 0 Single Family Semi Detached Single Seasonal on Residential Family/Water Water
Georgian Bay 2008 CVA to 2012 CVA 30 24.29 25 Percentage Shift 20 Region AVG. 16.36 15 17.1% 9.3 10 5 0 Single Family Single Family/Water Seasonal on Water Residential
County of Simcoe 2008 CVA to 2012 CVA 12 11.29 11.38 11.02 10 Region AVG. Percentage Shift 7.61 8.7% 8 6 4 2 0 Single Family Semi Detached Single Seasonal on Residential Family/Water Water
County of Haliburton 2008 CVA to 2012 CVA 12 10.03 10 Percentage Shift 8 6 Region AVG. 4 3.34 4.3% 1.77 1.64 2 0 Single Family Semi Detached Single Seasonal on Residential Family/Water Water
Kawartha Lakes 2008 CVA to 2012 CVA 8 6.8 7 Region 6 AVG. Percentage Shift 4.67 5.8% 5 3.6 3.83 4 3 2 1 0 Single Family Semi Detached Single Seasonal on Residential Family/Water Water
County of Peterborough 2008 CVA to 2012 CVA 14 11.75 12 Region 9.94 10 AVG. Percentage Shift 8.71 10.5% 8 6.91 6 4 2 0 Single Family Semi Detached Single Seasonal on Residential Family/Water Water
Why Waterfront Values Increased at a lower rate from 2008 to 2012? • Declining water levels on lakes • Economic downturn = less discretionary income • Rising fuel costs • Recreational accommodation values may have reached a peak • Demographic shift
AboutMyProperty ™ www.aboutmyproperty.ca
AboutMyProperty™ • Web-based, self service application available at no charge to property owners • Username and password provided on the Property Assessment Notice • Access to detailed property assessment information • Includes options to select properties of interest from an interactive map
*Not for distribution
Value Review Process
Request for Reconsideration (RfR) If you feel your assessed value as of the legislated valuation date or property classification is not correct, we will review it free of charge Beginning in 2009, RfR is the mandatory first step for properties in the: Residential Property Class Farm Property Class Managed Forest Property Class RfR not mandatory for business classes, may file RfR or directly file an Appeal with the Assessment Review Board (ARB) Deadline to file a RfR is April 1, 2013
RfR Process 1) MPAC reviews the RfR and supporting documentation provided by the property taxpayer 2) During the review, we may determine that an adjustment is warranted or that the property assessment accurately reflects a January 1, 2012 current value 3) Once completed, MPAC mails a results letter to advise the property taxpayer about the outcome of their RfR 4) If the property taxpayer is not satisfied with the outcome, they have the option to file an appeal with the Assessment Review Board within 90 days from the date appearing on the results letter from MPAC
Assessment Review Board (ARB) At an ARB hearing, the onus is on MPAC to prove the accuracy of the assessed value ARB must apply two tests on an appeal: • Determine the current value of the property (accuracy) • Have reference to similar lands in the vicinity and adjust the assessment to make it equitable only if comparison results in reduction (equity)
Thank You Questions?
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