MPAC Presentation to the Federation of Ontario Cottagers - - PowerPoint PPT Presentation

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MPAC Presentation to the Federation of Ontario Cottagers - - PowerPoint PPT Presentation

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MPAC Presentation to the Federation of Ontario Cottagers Associations Larry Hummel, B.A., M.I.M.A., FRICS MPACs Chief Assessor October 26, 2012 What you will learn 2012 Assessment Update Trends and Analysis Residential

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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

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What you will learn…

  • 2012 Assessment Update
  • Trends and Analysis – Residential
  • Trends and Analysis – Waterfront
  • AboutMyPropertyTM
  • Value Review Process
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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

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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

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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

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Trends and Analysis

Residential

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South West Central South GTA Central North East North 9.34 11.7 22.5 7.3 22.3 21.8

0% 5% 10% 15% 20% 25% 30% 35% 40% % Change

South West Central South GTA Central North East North

Residential Tax Class Growth By Zone

Prov. AVG. 18%

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2012 Assessment Update

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2012 Assessment Update

Toronto

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2012 Assessment Update

GTA

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2012 Assessment Update

Ottawa

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2012 Assessment Update

Residential – Western Ontario Cities

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2012 Assessment Update

Residential – Other Ontario Cities

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Waterfront – Muskoka/Parry Sound/ Haliburton/ Kawartha Lakes

*For illustration purposes only

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Market Area – Peterborough County & City of Kawartha Lakes

2012 Assessment Update *For illustration purposes only

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Market Area – Haliburton County

2012 Assessment Update *For illustration purposes only

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Market Area – Muskoka/Parry Sound (Large Lakes)

2012 Assessment Update *For illustration purposes only

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Market Area – Muskoka/Parry Sound (Small Lakes)

2012 Assessment Update *For illustration purposes only

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Market Area – Muskoka/Parry Sound (Georgian Bay)

2012 Assessment Update *For illustration purposes only

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District of Muskoka

2008 CVA to 2012 CVA

1.93 2.9 7.99 4.64 1 2 3 4 5 6 7 8 9 Single Family Residential Semi Detached Single Family/Water Seasonal on Water Region AVG. 5.2% Percentage Shift

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Georgian Bay

2008 CVA to 2012 CVA

9.3 24.29 16.36 5 10 15 20 25 30 Single Family Residential Single Family/Water Seasonal on Water Region AVG. 17.1% Percentage Shift

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County of Simcoe

2008 CVA to 2012 CVA

7.61 11.02 11.29 11.38 2 4 6 8 10 12 Single Family Residential Semi Detached Single Family/Water Seasonal on Water Region AVG. 8.7% Percentage Shift

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County of Haliburton

2008 CVA to 2012 CVA

1.64 10.03 1.77 3.34 2 4 6 8 10 12 Single Family Residential Semi Detached Single Family/Water Seasonal on Water Region AVG. 4.3% Percentage Shift

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Kawartha Lakes

2008 CVA to 2012 CVA

6.8 4.67 3.6 3.83 1 2 3 4 5 6 7 8 Single Family Residential Semi Detached Single Family/Water Seasonal on Water Region AVG. 5.8% Percentage Shift

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County of Peterborough

2008 CVA to 2012 CVA

11.75 8.71 6.91 9.94 2 4 6 8 10 12 14 Single Family Residential Semi Detached Single Family/Water Seasonal on Water Region AVG. 10.5% Percentage Shift

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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
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AboutMyProperty™

www.aboutmyproperty.ca

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  • 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

AboutMyProperty™

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*Not for distribution

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Value Review Process

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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
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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

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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)

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Thank You

Questions?