How is Property in Ontario Assessed?

Submitted by Jasmina on Fri, 2009-07-10 13:03.

To establish your property’s assessed value, Municipal Property Assessment Corporation (MPAC) analyzes property sales in your community and applies the Current Value Assessment (CVA) method, which is used by most assessment jurisdictions in Canada and throughout the world.

In addition to sales, MPAC looks at the key features of every property and may consider up to 200 factors when assessing the value of a residential property. Five major factors that account for 85% of the value are:

  • Location
  • Lot dimensions
  • Living area
  • Age of the property, adjusted for any major renovations or additions and
  • Quality of construction.

Some other features that may affect value include:

  • Finished basements
  • Garages
  • Pools
  • Number of bathrooms and
  • The type of heating and air conditioning.

Site features can also increase or decrease the assessed value of your property such as:

  • Traffic patterns
  • Being situated on a corner lot and
  • Proximity to a golf course, hydro corridor, railway or green space.

What is MPAC?

MPAC is a not-for-profit corporation funded by all Ontario municipalities. Their job is to assess and classify your property. According to the Assessment Act all real property in Ontario is to be assessed at its Current Value (CVA).