Last week, I received my 2012 property assessment notice from MPAC. The Municipal Property Assessment Corporation assesses property values every four years for the purpose of determining municipal taxes. They do this through an analysis of sales, and focus on five major factors: location, lot dimensions, living area, age of the structure(s) (adjusted for renovations or additions) and quality of construction. Items like garages, fireplaces, boathouses and the number of bathrooms can affect value, as can features such as proximity to a golf course or green space.
MPAC has a feature called AboutMyProperty where you can get more detailed information about your house when the assessment is released. If you are unsatisfied with the assessed value, you can also appeal it to the Assessment Review Board.