The second tax instalment was due this week in Barrie. Municipal taxes are set based on your property’s assessed value; that value is determined by a company called the Municipal Property Assessment Corporation.
MPAC looks at five main five factors: location, lot dimensions, living area, age of the property (adjusted for renovations and additions) and quality of construction. It then compares homes that haven’t been sold recently with sales of comparable homes to come up with assessed values. The last assessment occurred in 2008, and will be used by Ontario municipalities for taxes up to the end of 2012. If you are concerned about the assessed value of your property, you can contact MPAC at www.mpac.ca.