This was a question that was asked of me just recently. Well, some of this may always remain a mystery. One never know fully how these entities really operate. But this is my understanding and professional knowledge of this question.
I can tell you the way that professional real estate agents evaluate a home or property. But first, in all my experiences, MPAC seems to be mysterious in evaluations. I have seen some of their assessments right on, what the market would allow. Other times, they have been way lower and yet other assessments are so high, it makes for a good laugh. Then we have to figure out why they are so high.
MPAC may or may not actually come to your home to see the property. Some MPAC evaluators may knock on your door and ask you a few questions just after you purchase a home. It is not likely they will ask to come inside. They use their own system to determine a value to base your property taxes on. They may tend to base their assessment on factors such as:
Just know that when you get your assessment, it may not be an accurate assessment of the true value of what your home would be worth in today's real estate market.
It is typical, that we all want our MPAC assessment to be lower than what it would really sell for in today's market. That way we pay less taxes, and no one I know wants to pay more taxes! However the assessment turns out, don't panic. Did you know, you CAN contest the assessment if you feel it is unfair?
As for the real estate end of your home's value, that is not a real mystery, but must be considered carefully. Some of the factors that we, as Professional Real Estate agents, take into consideration are:
- past sold homes that are similar in many ways
- current homes for sale that are similar
- the average length of time in takes to sell a home in your neighbourhood
- the condition of your home
- the amount and type of product on the market
- the location
- the available services and ammenities
- the MPAC assesssment (Although it may not reflect the actual market value, this still carries some consideration.)
A professional REALTOR® will help you determine the best value in today's market. Our real estate markets are always changing so you need to be in touch with a knowledgeable agent. Feel free to call me, if you are interested in selling, and I would be happy to help you determine what you home is worth. I never charge any fees for a consultation prior to listing your home for sale. I enjoy helping folks plan for the future. I look forward to helping you in the near future. If you have any questions or comments, I always encourage you to send me an email or call me at 705-733-5821 or email at firstname.lastname@example.org or my website at www.josephtalbot.ca