We have been asked on several occasions how the Municipal Property Assessment Corporation (MPAC) assesses property. Much like REALTORS, MPAC will take into account property sales in the area using a Current Value Assessment method. MPAC will take then take into account all the features that affect market value. The 5 major factors that account for 85% of property value are taken into account when assessing value. These factors are;
LOCATION
LOT DIMENSIONS
LIVING AREA (Square footage)
AGE OF PROPERTY (adjusted for any major renovations or additions)
QUALITY OF CONSTRUCTION
There are several other features that may affect residential property value, such as; number of washrooms, garages and fireplaces.
There are many site features that may increase or decrease assessed value, including; traffic patterns, proximity to golf course or green space, topography, services available on lot and proximity to railway or commercial zoned property.
