'Every municipality uses our assessments to make informed decisions about their community, including the distribution of property taxes,' official tells city councillors
The Municipal Property Assessment Corporation oversees and evaluates millions of properties across Ontario, and the organization gave a presentation to city council this week to explain how it all works.
When it comes to determining a property’s value, LaFrance said there are three standardized approaches MPAC follows. “First, we calculate the cost of replacing building structures or other assessable fixtures on the land. Then we apply a deduction for depreciation on all structures due to age, as well as any functional or economic adjustments, and finally we determine the value of the land and add it to the building calculations to produce an overall valuation," said LaFrance.
“As you can imagine, maintaining Ontario's property database is very important. Property data is continuously updated so that municipal records are accurate when our municipal stakeholders are making important tax decisions,” LaFrance said.
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