Property Tax - Real Estate Question

suzuki2000

suzuki2000

Well-known member
Forum Sponsor
I am looking at some real estate options and have a question for those in the know. I have done some digging but cannt find the answer i am looking for.

Can value assessments on record be looked up for specific properties? I know that value assessments and market value usually have a discrepancy, but if looking in a region i am less familiar with where could I access this information withiout having to get into bed with a real estate agent if I am not at that stage yet?
 
MPAC has a web directory and most municipalities have online, google property assessment and city name. Assessment and selling prices can be VERY far apart.
 
excellent time to buy property
 
Why do assessed values matter? MPAC just pulls random numbers from their *** and occasionally updates to a different random number. Are you trying to use MPAC vs selling for determining if houses are overpriced?

Didn't MLS use to have the property taxes listed?
 
GreyGhost said:
Are you trying to use MPAC vs selling for determining if houses are overpriced?

Didn't MLS use to have the property taxes listed?
Click to expand...
no, MPAC and market price aren't necessarily aligned, market value and comparables determine if if a place is over/under priced. I am not aware MLS lists property taxes, I think if the realtor discloses maybe? I have even seen some that note condo fees if applicable, this isn't always the case
murf said:
Doesnt it get reassessed when it sells?
Click to expand...
not that I am aware of?
 
MPAC doesn't pull numbers out of there arse, if you've ever been through an MPAC hearing there are many inputs to determine assessment. MLS used to list taxes, but I haven't seen those published in listings for a while, they do present them on the more detailed paperwork they have in the office. Property taxes has not factored into a property that I've bought as a primary residence, but it has been a consideration on vacation homes.
Some municipalities (Flamborough, and Oakville come to mind) have gotten quite pricey.
 
suzuki2000 said:
I am looking at some real estate options and have a question for those in the know. I have done some digging but cannt find the answer i am looking for.

Can value assessments on record be looked up for specific properties? I know that value assessments and market value usually have a discrepancy, but if looking in a region i am less familiar with where could I access this information withiout having to get into bed with a real estate agent if I am not at that stage yet?
Click to expand...

You can ask a real estate agent..., you aren't obliged to buy through them either. If they want your business they will work for it.

If one won't help you out - there are 100's of others that will.
 
Property tax amounts and sometimes assessment values can be found on the municipalities web site. As long as you know the address/roll number. Sometimes it's just a tool that will calculate the approximate property taxes based on value. I used it to find a Toronto resident with the same property value as me pays about $1000/yr less than me in Hamilton. Meh.
 
crankcall said:
Assessment and selling prices can be VERY far apart.
Click to expand...

GreyGhost said:
MPAC just pulls random numbers from their *** and occasionally updates to a different random number. ?
Click to expand...

crankcall said:
MPAC doesn't pull numbers out of there arse, if you've ever been through an MPAC hearing there are many inputs to determine assessment.
Click to expand...

This doesn't pass the smell test. Obviously MPAC will be prepared for a hearing. The whole deal is reverse onus BS.
 
Well yes and no, as an example to part one, my current home has an assessment of 547,000. but the last two houses on this street sold for well into the mid 600,000's , the spread was 80k to 90k. I'd call that far apart. Through MPAC you can file a RFR, request for reconsideration, it is reverse onus, that's why you hire a property lawyer. What municipal process doesn't work this way? Anyway as an example of turnover, without getting to deep a registered not-for-profit of which I was on the board of directors after doing a deal with the Town of Oakville was reassessed at 97,000. per yr for taxes. We successfully presented to MPAC that yes we had waterfront property but it was not a commercial venture and we currently pay 31,000 property tax per yr. They don't really prepare much for a hearing on there end, you meet, make your pitch, they weigh the pitch and come back with a resolution. It can take a yr , the legal bills were pretty steep but the tax savings are worth every penny.
 
I've successfully challenged mpac twice in the last 6 years for retarded assessments on new houses I built. Won both times and get a nice refund check in the mail from the city and lowered my yearly taxes based on the new revised assessment.

Don't be afraid to challenge mpac. Its run by a bunch of muppetts and you have nothing to lose and everything to gain.
 
inreb said:
This doesn't pass the smell test. Obviously MPAC will be prepared for a hearing. The whole deal is reverse onus BS.
Click to expand...

MPAC shows how they came up with their assessment online. That's not reverse onus, they show their justification upfront. Of course if the homeowner disagrees then it becomes their problem to disprove tge MPAC evaluation.
The only other alternative would be to let homeowners assess their own property values and force MPAC to fight them if it thinks they're undervalued! That's not exactly a feasible option.
 
It's all speculation. Watch any finance show on TV it's all speculation. Sometimes they get close, often not. Difference here you didn't choose to play but you're sucked in. Just because municipal process works a certain way doesn't justify MPAC strategy. MPAC shouldn't even exist. Crankcall and Sunny S both show examples of reverse onus, showing MPAC speculation could be wrong.
I'm not afraid to challenge MPAC, it's just that doing so falls into the category of applying time, energy and brain waves (never mind outrages parking fees) that takes away from my cherished simple existence. I think they count on that.
 
How do you propose it should work? I don't understand what the better alternative is supposed to be that makes MPAC so awful.
 
fastar1 said:
How do you propose it should work? I don't understand what the better alternative is supposed to be that makes
MPAC so awful.
Click to expand...

Take the guessing out of it. A flat tax. Why should some other entities' guess on my new concrete driveway impact how much dolla goes to bums.
I'm not totally satisfied with my answer, might come back later with something better.
 
inreb said:
Take the guessing out of it. A flat tax. Why should some other entities' guess on my new concrete driveway impact how much dolla goes to bums.
Click to expand...

Valid point. If your neighbours house across the street is valued at $100grand more than yours, why should he pay more for tax? Doesn't he enjoy the exact same municipal services, garbage service, police service, etc as you?
 
SunnY S said:
Valid point. If your neighbours house across the street is valued at $100grand more than yours, why should he pay more for tax? Doesn't he enjoy the exact same municipal services, garbage service, police service, etc as you?
Click to expand...

No, he has to pay extra because there's no better alternative. I've been warned about sarcasm I hope this flies.
 
You must log in or register to reply here.
Back
Top Bottom