Re-Assessment for 2013: Current Value Assessment (CVA)
The Municipal Property Assessment Corporation (MPAC) is responsible for assessing all properties in Ontario. Every four years, all properties are re-assessed and 2013 is the first year of the next reassessment cycle which will go from 2013 to 2106. Property values will be based on estimates as of January 1, 2012.
All assessment increases are phased in over four years but any decrease will occur in 2013.
Q: What is Current Value Assessment (CVA)?
A: Current Value Assessment is an estimate of the amount your property would sell for in an open market (i.e., the “market value” of your property).
Q: What is the average home value in Markham for 2013?
A: The average home value is $485,000.
Q: What is the average property value increase in Markham?
A: Your current value assessment applies to tax years 2013 to 2016. The average residential class current value assessment increase for the full four-year period is 31.55%.
For 2013, the average residential class increase is 7.86%.
Q: How will the Current Value Assessment of my property affect the property tax I pay to the City of Markham?
A: To ensure revenue neutrality, the City of Markham adjusts its tax rate to offset the average increase in assessment. In 2013, the average residential class assessment increase is 7.86% so the City will reduce the residential tax rate by 7.86% to ensure total revenue remains the same. Any budgetary tax increase would be addressed through Markham’s budget process.
You can determine whether your residential property tax for 2013 will increase, decrease or stay the same by locating the “2013 Property tax year” on the front of your Property Assessment Notice (see the “Property Assessment Notice” sample below) sent by the Municipal Property Assessment Corp. and comparing it to the following chart:
|% Change in Residential Property Assessment for 2013
|Greater than 7.86%
||Increase due to assessment
|Less than 7.86%
||Decrease due to assessment
In the example below, the assessed value increases from $500,000 in 2012 to $620,000 in 2016 and is phased in equally over four years. In 2013, the increase is $30,000, which represents a 6% increase. In this example, the increase is less than the average residential class increase in Markham of 7.86% the resident will see a property tax decrease due to the reassessment in 2013.
For more information regarding your assessment, visit MPAC at www.mpac.ca or call 1-866-296-MPAC (6722). For information regarding property taxes, please call the City of Markham Contact Centre at 905-477-5530.