This past Monday, Provincial Property Assessments were mailed out to all residential land-owners.
As you may know, properties are reassessed every four years as required by Provincial legislation prior to property taxes. In establishing a property’s assessed value, the Municipal Property Assessment Corporation (MPAC) analyzes sales of comparable properties in the area and five major factors which make up 85% of residential values. These factors are (in order): location, lot dimensions, living area, age of property, and quality of construction.
The reassessment period runs from January 1st 2012 – January 1st 2016. As of January 2016, this assessment period saw an average growth in Ottawa property values of 3.45%.
It is important to note that as property values influx, the total taxes collected by the City remains the same. What this means is that while the City of Ottawa averages a 3.45% growth in property value, those whose property values are consistent with the City’s growth should not see a tax impact. Alternatively, those who fall below the line should see a tax decrease and those who are above may see an increase.
A full breakdown of the property growth by ward is available within the slideshow here. Within the 23 City of Ottawa wards during this assessment period, Stittsville has seen the third largest average growth in value (+5.03% compared to Kitchissippi at +7.35% and Rideau Goulbourn at + 5.34%).
This is primarily due to the number of larger properties such as single family, semi-detached, and townhomes in the area which have averaged a growth of 4.6% in property value in the City. Alternatively, condo owners may see an overall decrease in value of approximately 5%.
In general, the City of Ottawa’s average property value growth is significantly lower than the province-wide growth average of 18%. Representatives of MPAC clarified that this is primarily due to the abnormally large growth occurring in the Greater Toronto Area with an increase which falls between 30-40%.
If, when reviewing your property assessment, you feel that your property has been assessed incorrectly, you are encouraged to ask yourself the question “Could I have sold this property on January 1st 2016 for this amount?” If you feel that the answer remains no, property-owners have 120 days from the date of issue (November 15th 2016) to file a Request for Reconsideration. Look for the AboutMyProperty access key on your assessment form and visit www.aboutmyproperty.ca. You can also call 1-866-296-MPAC (6722).
It is a good reflection of Stittsville as a whole to know that property values are increasing at a faster rate than other parts of the city; I believe that this is truly an indicator of good things to come and I look forward to seeing how things change by the next assessment period.