Property values down nearly 8% in RR

News Release
MPAC

Fort Frances homeowners will see the assessed value of their property increase by an average of 2.72 per cent in 2013.
“Residential property values have increased by an average of approximately 12.99 per cent in the Town of Fort Frances since 2008 when the last Assessment Update was delivered,” said Darlene Morgan, Municipal Relations Representative in the Municipal Property Assessment Corporation’s (MPAC) Thunder Bay office.
Because of the four-year phase-in program, property owners will see an average assessment increase of 2.72 per cent in 2013. The phase-in program does not apply to decreases in assessment which are applied immediately for the 2013 property tax year.
Property Assessment Notices are now being mailed to more than 115,000 property owners in Thunder Bay, Kenora and Rainy River Districts as part of this fall’s province-wide Assessment Update.
An increase in assessment does not necessarily mean an increase in property taxes. If the assessed value of a home has increased by the same percentage as the average in the municipality, there might be no increase in the property taxes paid by a property owner.
Morgan said residential property values have increased in other municipalities within the Rainy River District.
Towns that are up
•In the Town of Atikokan, values have increase by approximately 1.66 per cent.
•In the Township of Alberton, values have increased by approximately 3.77 per cent.
•In the Township of La Vallee, values have increase by approximately 3.33 per cent.
•In the Township of Emo, values have increase by approximately 3.38 per cent.
•In the Township of Lake of the Woods, values have increase by approximately 8.08 per cent.
Residential property values have decreased in some municipalities within the Thunder Bay District:
Towns that are down
•In the Township of Chapple, values have decreased by approximately 1.86 per cent.
•In the Township of Morley, values have decreased by approximately 1.86 per cent.
•In the Township of Dawson, values have decreased by approximately 5.16 per cent.
•In the Town of Rainy River, values have decreased by approximately 7.87 per cent.
Since 2008, waterfront properties in most municipalities within the Rainy River District have also increased in value. In the Township of Lake of the Woods, waterfront values have increased by approximately 17.97 per cent since 2008. With the four-year phase in program, property taxpayers will see an average increase of 2.27 per cent for the 2013 property tax year.
For more detailed analysis of the changes in values that taken place across Ontario, refer to MPAC’s special Assessment Update Edition of Market Snapshot, available at www.mpac.ca.
“Our values reflect the local real estate market and confirm that most homeowners in the area have seen an increase in the value of their property over the past four years,” Morgan said.
MPAC’s role is to accurately assess every property in Ontario. “Property owners should ask themselves if they could have sold their property for its assessed value on January 1, 2012. If the answer is yes, then their assessment is accurate. If not, we are committed to working with them to get it right,” Morgan said.
Property owners can check the accuracy of their assessment at www.aboutmyproperty.ca. This website allows owners to easily compare the value of their property to others in their neighbourhood and community. Registration information is included with every Notice mailed this fall.
If property owners believe their assessment is not correct, they have the option of filing a Request for Reconsideration and MPAC will review their assessment free of charge.
Hours will be extended at MPAC’s Thunder Bay office during the Notice mailing period this fall from 8 a.m. to 6 p.m. Monday to Friday through November 16. The regular hours at the Thunder Bay office are 8 a.m. to 4:30 p.m. Monday to Friday. Property owners should refer to their Notice for more information or call the Customer Contact Centre at 1 866 296-MPAC (6722).