GUELPH, ON, September 10, 2012 – This week, property owners in Guelph will receive a notice from the Municipal Property Assessment Corporation (MPAC) stating the updated assessed value of their property. The City will use the reassessed property values to calculate property taxes between 2013 and 2016.
“Every four years, MPAC reassess properties across Ontario to align their assessed values with current market values,” says Gail Nisbet, Manager of Taxation and Revenue. “The last reassessment occurred in 2008 and MPAC is simply updating their records to reflect changing property values.”
MPAC will phase in increased property values over the next four years. This phased-in approach helps stabilize the potential impact on property taxes.
“For example, between 2008 and 2012 a property may have increased in value by $40,000. Rather than using the new higher value immediately, MPAC increases the assessed value by $10,000 in each of the next four years to provide some predictability for property owners,” adds Nisbet. “A decrease in assessed value would be applied immediately.”
An increased property assessment does not necessarily increase taxes. MPAC’s reassessment simply redistributes the tax burden among individual properties and property classes.
The City of Guelph applies local tax rates to MPAC property assessments to calculate the taxes to be paid on each property. The tax rate is based on revenue needed to pay for municipal services like police, fire and ambulance services, road maintenance, repairs and snow removal, waste collection, parks, pools, libraries, community centres and public transit.
Other factors also determine the property tax rate including tax policy decisions and education levy changes as determined by the Provincial government.
About the Municipal Property Assessment Corporation (MPAC)
MPAC is a not-for-profit, independent corporation responsible for providing property owners, tenants, municipalities and government and business stakeholders with consistent and accurate property assessments. Property owners are welcome to contact MPAC with any questions about their property assessment at 1-866-296-6722 or MPAC.ca.
For more information
Gail Nisbet, Manager
Taxation and Revenue
T 519-822-1260 x 2316