Understanding property assessment in Ontario

Transcription

1 Understanding property assessment in Ontario Town of Collingwood November 2, 2015

2 Agenda Municipal & Stakeholder Relations Realignment Update Ontario s Property Assessment System About MPAC How we assess residential properties Key Initiatives 2

3 Municipal & Stakeholder Relations Delivers strategic programs and tactical initiatives that will strengthen MPAC s municipal and stakeholder relationships and achieve its brand and reputational objectives. Delivers value by proactively providing information, analysis and insights that are seen as a model for how an effective public service should operate. 3

4 Organizational Chart Carla Nell Vice President Municipal and Stakeholder Relations Amanda Macdougall Regional Manager Zone 1 Western Ontario Nancy Huether Regional Manager Zone 2 Golden Horseshoe Heather Colquhoun Regional Manager Zone 3 York, Durham, Hastings, Prince Edward County Joe Regina Regional Manager Zone 4 City of Toronto Rebecca Webb Regional Manager Zone 5 Peterborough, Muskoka, Simcoe, Owen Sound Scott Templeton Regional Manager Zone 6 Eastern Ontario Darryl Bender Regional Manager Zone 7 Northern Ontario Kathy Blake Regional Manager Head Office 4

5 Zone 5 Central Ontario Simcoe Grey & Bruce Muskoka Parry Sound Peterborough Kawartha 5

6 Property Assessment in Ontario

7 Ontario s Property Assessment System There are four main components in Ontario s property assessment and taxation system. Each plays an important role. The Provincial Government passes legislation, sets property tax policies and sets education tax rates. The Municipal Property Assessment Corporation (MPAC) establishes current value assessments and classifications for all properties in Ontario. Municipalities determine their revenue requirements, set municipal tax rates and collect property taxes. The Assessment Review Board, an independent tribunal that is part of the Environment and Land Tribunals Ontario cluster which reports to the Ontario Ministry of the Attorney General, hears assessment appeals from property taxpayers.

8 Ontario s Assessment Cycle The chart below shows each year that MPAC has delivered a province-wide assessment update. Each legislated valuation date and the applicable tax years are also shown Jan 1, 2008 valuation date Jan 1, 2012 valuation date Jan 1, 2016 valuation date property tax years property tax years property tax years

9 Phase-in Example Under the Assessment Act, assessment increases are phased-in over four years for all property types. A decrease in assessment is applied immediately. Property Classification Residential Your property s value on January 1, 2012 $250,000 Your property s value on January 1, 2008 $220,000 Over this four-year period, your property value changed by $ 30,000 Assuming property characteristics stay the same, the property assessment will increase by $7,500 each year $227, $235, $242, $250,000

10 About MPAC

11 About MPAC Over 1,700 employees across the province Oversight provided by the Ministry of Finance Not-for-profit non-share capital corporation 15-member Board of Directors made up of municipal, provincial and taxpayer representatives, appointed by the Minister of Finance 11

12 About MPAC Assess and classify almost 5M properties for about 9M property owners Respond to enquiries from property taxpayers and municipalities/taxing authorities Provide Supplementary/ Omitted Listings (growth) Deliver the assessment roll each year Other legislated products: - Preliminary List of Electors - Jury duty lists - Population reports 12

13 About MPAC RESIDENTIAL 4,532,618 COMMERCIAL 153,003 FARM 222,870 INDUSTRIAL 78, ANNUAL REPORT SPECIAL/EXEMPT 44,457 MULTI-RESIDENTIAL 16,201

14 How we assess residential properties

15 Establishing Current Value Assessment Current Value Sale Price Most probable price a property should sell for in a competitive and open market. MPAC derives a median sale price which will incorporate the range of market sales Price a buyer and seller agree to in a particular transaction. Only an indication of market value. Range of sale prices possible for a particular property

16 Establishing Residential Values Five major factors account for approximately 85% of residential property values

17 Property Assessment and Property Taxes MPAC assesses all properties in Ontario every four years Municipalities use the assessment base to calculate property taxes to pay for local programs and services To establish assessed value, MPAC reviews sales of comparable properties in the neighbourhood 17

18 Determining the Accuracy of your Assessment View/Print/Download Property Assessment Notices Verify property information online View recent sales in your neighbourhood 100 Property Snapshots 24 Properties of Interest Link multiple properties to a single user account File and view the status of your Request for Reconsideration (RfR) online 18

19 Key Initiatives

20 Service Level Agreements Accuracy of Property Assessment Roll Property Assessment In-Year Maintenance Support Services (under development) Creates opportunities for greater collaboration with municipalities Sets clear two-way expectations Greater accountability through remedial actions when service levels or dependencies are not met. Improves transparency 20

21 Disclosure 21

22 Assessment Base Management Tool MPAC is redesigning Municipal Connect to offer municipalities a modern and flexible way to access real-time assessment information. Provides access to all MPAC assessment services Improves tax base management and policy development Increases management of assessment at risk

23 Contact Us Municipal and Stakeholder Relations Regional Manager: Account Manager: Rebecca Webb E - Rebecca.Webb@mpac.ca T Ext 213 C Judy Piggott E Judy.Piggott@mpac.ca T Ext 239 C Account Support Coordinator: Marsha MacPhee mr16enquiry@mpac.ca Web: mpac.ca aboutmyproperty.ca propertyline.ca 23

24 Questions 24