New MPAC assessments take effect next year

If you saw your municipal assessment go down and were expecting your tax bill to decrease, you're jumping the gun by a year.

 

Many residential properties in Kincardine saw a decrease in their assessed value in 2016, compared to 2012, as indicated by notices that went out in May.

 

However, when ratepayers received their tax bill in August, the line item for “tax change due to reassessment” is still based on the 2016 assessment.

 

Given the drop in residential assessment, as noted by the Municipal Property Assessment Corporation (MPAC), taxpayers are paying more attention to their bills, says Kincardine tax supervisor Brenda French, and they are expecting a drop in their tax bill.

 

But that's not happening because the new assessment does not come into effect until 2017, and runs to 2020.

 

French says there would have been a lot less confusion if MPAC had sent out the notices later in the year, but the agency has staggered the notices throughout the year, with Kincardine receiving its paperwork in May.

 

And the other catch, is that taxpayers have only until Sept. 21, 2016, to request a reconsideration of their property assessment, unlike previous years when the deadline was March 31 of the following year.

 

For subsequent years, the deadline is March 31; for example, taxpayers have until March 31, 2018, to question their assessment for the 2018 year, and so on to March 31, 2020.

 

Back in June, MPAC made presentations to both Kincardine and Huron-Kinloss councils, outlining the properties that are assessed, Ontario's assessment cycle, how increases are implemented over four years, and how the property assessment notice is laid out, as well as all the changes to these notices.

 

Anthony Fleming of MPAC spoke to Kincardine council and pointed out that the agency assesses about five-million properties in Ontario, with a total assessed value of $2.3-trillion.

 

He said, on average, the residential assessment in the Kincardine area has decreased 3.3 per cent, based on the figures drawn from 2014-16, to be implemented in 2017. The value of a typical residential home is $244,000, and a typical condominium is $137,000. The value of a typical waterfront property is $356,000.

 

Fleming's report indicates that Kincardine's assessment values are strongly influenced by Bruce Power employment. The residential markets are flat or have slightly declined in recent years, and the population centres are Kincardine, Tiverton, Inverhuron and Underwood.

 

Meanwhile, in Huron-Kinloss Township, on average, the residential assessment has gone down 1.4 per cent, with a typical residential home valued at $221,000, and the typical waterfront residence valued at $469,000.

 

The township has a predominantly rural market strongly influenced by the agricultural sector. It boasts several kilometres of Lake Huron waterfront, making it an attractive location for cottagers. The residential market remains fairly stable.

 

To find more about your property assessment, visit the website: aboutmyproperty.ca.

 

Kincardine is also hosting information sessions with MPAC representatives on hand to answer questions and showcase the website, aboutmyproperty.ca.

These sessions are slated for Sept. 15, Oct. 13 and Nov. 10, from 8:30 a.m. to Noon, at the municipal administrative centre. For information, contact the Kincardine tax department at 519-396-3468, Ext. 7100, or E-mail: cashier@kincardine.net.