You might have received your latest property assessment in the mail and been shocked. But did you know that the property assessments you received is not a direct reflection on the actual value of your property?
The average property assessment in Ottawa has increased by 3.45 per cent, while throughout Ontario it was up by 18 per cent. Those in condos can expect to see a drop in their property assessments of up to 5 per cent. For those whose properties went up by the 18 per cent, property taxes will go up, however, for those who were equal to, or were below, property taxes will most likely go down. One thing to consider is that property assessments are based on five major factors and those are location, lot dimensions, living area, age of the property and quality of construction.
The value of a property is determined by a number of different criteria, each of which can influence how much your home is currently worth. These criteria range from the square footage and the age of your home, to its location, construction quality, architectural features and even the number of bathrooms.
The more recent renovations you’ve completed on your property can actually increase your property value much higher than the value of other houses in the area. Things such as recent kitchen renovations, finished basements, high efficiency appliances, and new roofing. Staging, and good colour palate throughout the house with solid accents. Consistent or creative flooring in areas. Proper lawn maintenance and general maintenance of your house and grounds. All are things that can help with your
Just remember, that although your property assessment may have come in lower(or higher) than you were expecting, this isn’t a direct assessment of your property, it is a general pricing for your area and can vary based on the work and maintenance you’ve put in to your property. Furthermore, lower property assessments lower your property tax, so don’t worry about a lower property assessment, be happy! If you wish to have your property reassessed, you can contact Municipality Property Assessment Corporation(MPAC) by no later than November 15 for a reassessment.
For more information read the following articles from CBC about property assessments within Ottawa.