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Can I Reduce My Property Taxes?

Can I Reduce My Property Taxes

The time of year is fast approaching in Ontario when most residents will get their updated tax assessment from their local municipal government. An exciting time that I can imagine most of us have clearly labeled in our calendars with a big heart shape or perhaps a more expressive and off-color doodle.

On that magical day, the notice of your tax assessment will show up in the mail and I’m sure we all have different ways in which we react to its arrival: the toss and sigh; the rip open and curse; the deep breath, slow methodical scan and then a pursing of the lips. These are but a few examples.

However, this is your first opportunity to see if you may be able to somewhat reduce your tax burden. This is because your tax assessment could have mistakes that, as they say in Monopoly, “could be in your favor”!

Everyone should go through their property’s MPAC Assessment with a fine-tooth comb. There is a lot of information on that form, from the year the house was built, to the size of the home, to the size of the property. When assessing the value of your home, MPAC uses the property information that is represented on this MPAC form as a basis to calculate their final value.

So, the first question is: IS IT TRUE INFORMATION? Mistakes happen and things get missed. Perhaps it states you have 4 bathrooms when you only have 3? It states you have a detached double car garage when you only have a single or maybe it states you have 25 acres when it’s truly only 19. All of these are examples of mistakes that would have an impact on the final outcome of your property value assessment. With that in mind, carefully examine your property assessment as you might discover an error that may have inflated your property value— which in turn has raised your property taxes.

If you do find a discrepancy, the next step is to see if you have a basis to appeal your value with MPAC. Go back to the form that came in the mail as there are instructions on the steps you would need to take.

However, finding errors in your favor on your assessment is not the only way that you can appeal the value that MPAC has pegged for your property, stay tuned for the next part of this series – “Can I reduce my property taxes?” however if you just can’t wait, please feel free to give us a call! We here at the Chris Richie Group have been serving the community for over 30 years, and we would be happy to help!

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