Residential properties in Guelph rose in value by an average of more than 15 per cent over the past four years – but that’s not as much as the average increase across the province.
Residential property values across Ontario between January 2008 and January 2012 were up by an average of about 18 per cent, the Municipal Property Assessment Corporation announced Tuesday.
In Guelph, though, the average rise was 15.5%, according to MPAC figures released earlier this month. The local increase ranges from 15.8% for single-family detached homes down to 13.15% for condominiums.
Assessment notices from MPAC are to arrive in local mailboxes starting today (Sept. 27), an MPAC official said Wednesday. MPAC originally said the notices would be delivered to homeowners during the week of Sept. 10, and city hall put out a news release saying that. However, the mailing was delayed.
A property assessment increase doesn’t necessarily result in higher property taxes, MPAC says. For example, it says, if the average residential property in Guelph increased by 16% since 2008 but the assessed value of your home increased by 20%, “then you may pay 4% more than the average property tax increase that residential property owners are paying” in Guelph.
The assessment increases will be phased in over four years to minimize their impact. As a result, the average rise of 15.5% in Guelph will be phased in at a rate of 3.89% annually, according to MPAC.
MPAC hasn’t done a provincewide reassessment since January 2008. The 15.5% average increase in Guelph in the four years from January 2008 to January 2012 compares with an average increase of 19.5% in the three years between January 2005 and January 2008. “Our values reflect local real estate markets and confirm that most homeowners in the province have seen the value of their homes increase over the last four years,” MPAC chief assessor Larry Hummel said in a news release Tuesday.
“Our role is to accurately assess every property in Ontario,” he said. “Property owners should ask themselves if they could have sold their property for its assessed value on Jan.1, 2012. If the answer is yes, then their assessment is accurate. If not, we are committed to working with them to get it right.”
Property owners can check the accuracy of their assessment at aboutmyproperty.ca, using registration information included with their assessment notices. This website allows owners to easily compare the value of their property to others in their neighbourhood and community,.
If property owners believe their assessment is not correct, they have the option of filing a Request for Reconsideration by a deadline of March 31, 2013. MPAC will then review their assessment free of charge.
Hours will be extended at each of MPAC’s 33 offices during the notice-mailing period this fall. Property owners can also call MPAC’s customer contact centre toll free at 1-866-296-MPAC (6722).
MPAC’s “MarketSnapshot – Assessment Update Edition” provides a detailed analysis of the changes in values that have taken place across the province, the release said. The report is available on MPAC’s website at www.mpac.ca.
Created by the provincial government in 1997, MPAC is a not-for-profit corporation that’s responsible for administering a uniform, provincewide property assessment system based on current values.