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Oliver Reprich

Oliver Reprich Muskoka REALTOR

What is phased in Assessed Value?

MPAC (Municipal Property Assessment Corporation) assesses property values on a four year cycle. With the last in 2008 and the next this year in 2016. The municipality’s need a level of predictability of tax revenue, which is based on the assessment rates, thus any increases in property values is phased in over 4 years, however decreases are reflected immediately.

But don’t believe that your taxes will necessarily decrease when the assessment value decreases across the board, as the municipalities need X amount of revenue to pay the bills and so is all the assessment rates decrease the municipality just increases the tax rate.

More on Market Value vs Market Assesment.

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