Tax Assessents are in!

Have you received your 2008 property assessment form from MPAC?

Most of the people I've spoken to state their homes have increased in assessed value close to $30,000 since 2005. My home's assessment was $37,000 and it's a condo. We have done no improvements to the interior and any improvements made by the condo corporation to the exterior have been more than covered by the annual increases demanded for condo fees. So why the impressive increase?

Despite the other factors the official flyer mentions, assessments are based mostly on recent sales in your neighbourhood. A lot of condo's have sold on our street over the past three years. I'm a real estate agent, I know what they sold for. My assessment is now about $10,000 below actual market value. That's hard to swallow.

And if they are assessing homes at values they won't phase in until 2012, why are they saying it's worth that price now? Are my taxes based on the 2009 (phase 1) value (which has only jumped $9,200) or on the full 2012 (phase 4) value that they say it is worth on Jan 1/08?

Step one: Get an friendly agent to tell you what homes in your neighbourhood have sold for over the past three years. Don't know anyone? Send me an email @ robert@HamiltonHomeReview.com. Leave me your name, address and an email I can reach you at. I'll send you as much info as I can.

You can also use the "AboutMyProperty" feature at www.mpac.ca. They well allow you up to 24 comparisons free of charge. You'll need your User ID and Password which is printed on the bottom right of the Property Assessment Notice you received in the mail.

Stpe two: If, after researching, you feel your property has been unfairly assessed, you need to file a RfR form (by March 31/09) which you can get at www.mpac.ca or by calling 1-866-296-6722.

Step three: Once you receive a decision--based on your RfR form-- you have 90 days to file an appeal with the Assessment Review Board (ARB). they, of course, have their own appeal process. For more info on it, contact ARB at 1-800-263-3237 or visit www.arb.gov.on.ca.

At the ARB hearing, it is MPAC's job to prove the accuracy of the assessment and they will do so by presenting comparable properties as evidence (they will share this info with you prior to a hearing, likely so that you might reconsider continuing the process). If you are still undeterred, you will be asked to provide similar comparables. You can get these from the "AboutMyProperty" service at MPAC or from an understanding real estate agent (once again I can be reached at the above email address or via the magazien at: www.HamiltonHomeReview.com/contact.html.

I am very interested in other people's take on this assessment process, both consumer and agent, so please feel free to comment, positive or negative...in aggreance, or not.

Robert J. Morrow is editor of www.HamiltonHomeReview.com, Greater Hamilton's Online Real Estate Magazine. Mr. Morrow is also a REALTOR(R) with Chase Realty Inc., Ancaster, ON.