Markham property assessments in mail next week

YorkRegion.com
June 9, 2016
Amanda Persico

Markham residents can expect to receive an updated property assessment from the Municipal Property Assessment Corp. in the mail next week.

The assessment will be used by the city to calculate property taxes for 2017 to 2020.

The city has sent out the final tax bills and if your property value has increased more than the city average, you can expect to pay more on your property taxes.

And if the value is less, expect a reduction.

According to the city, Markham homeowners can expect an average 11.4 percent increase from 2016 to 2017.

Condo owners can expect to see a 4 per cent increase on average in property value.

Properties are assessed using a formula of recent home sales in the community compared to a checklist of more than 200 factors.

Five factors – age of the property and any major renovations, square footage, location, lot size and quality of construction – account for about 85 per cent of a home’s value.

Other factors include size of garage, shed or inground pools, driveway and parking layout, how many bedrooms, bathrooms and if there is  air-conditioning, a deck or patio.

MPAC is assessing more than 5 million properties over the course of the next few months. The last provincewide assessment was in 2012.

For more information, visit mpac.ca