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So when you did the appeal, it was based on the 2008 assessment?
Let's say if the market crashed and your area's property value dropped 50%, you still pay the same until 2013?
That is ridiculous. My property is a commercial property.
My rent is not even enough to cover the management fee and property tax, considering that the property tax rate for commercial property is sky high in toronto. I am doomed.
 
Not exact correct. the story was from quite a few years ago and was not commercial.
I had mentioned to you that I have a commercial property and we filed an appeal last year. Still have not heard back from it. I checked a month ago.

Also, MPAC does not look at rent though if the place is vacant I believe 1 year you can get some break on your taxes. They base the value on what the property would be worth if it was for sale/sold. So if the property was worth say $500K; you would think perhaps the same property beside you rented out at double the rent would be taxed higher but it is not. The property would presumably be worth more on resale but the same property beside you identical would still be taxed the same. Now if it sold at $1 mill; you would have to prove why you were not worth $1 mill. They would argue with you probably that you are a bad business person and not charging enough rent. I don't know this for certain but that is my understanding of how the MPAC works. Maybe someone with more knowledge will chime in.
 
So after 1 year, ARB still haven't schedule the court day?
It sounds scary...
You mention they base their value on what the property would worth in arm's length sale. Do they back that on 2008 or now?
I purcahsed mine nov 2011. They is definately an arm's length sale. Can I use this to fight?
 
I would think so. They base it on the property value. If you bought at fair market value Nov 2011 I would think you will have a case for re evaluation but only in the 2012 year. I can't see how you could fight a 2011 valuation. That would have had to occur by the previous owner since the 2011 valuation was set based in 2008.
Squirrel, I am out of my expertise and so please confirm this with someone in the know. I do not know the answer for sure, I am just speculating.
 
^^^
sounds great. Good luck. I too will advise if I hear anything from my commercial appeal. as I said, I gave it over to a company that does this rather than do it myself.
 
Sorry for highjacking this thread, but I couldn't find a more relevant thread and not sure why I can't create a new one.

There's a condo that I'm interested in purchasing, however, the MPAC property assessment is higher than the asking price. I've checked the tax and sell price for another similar-sized unit in the same building and it was also listed for lower than MPAC assessment - is this normal?
From what I've seen for other buildings/units, it seems that MPAC assessment is always lower than the list/purchase price.

Should I be wary about this building? It seems well-built and well-maintained and condo fees are reasonable.
 
Last edited:
uto123 said:
Sorry for highjacking this thread, but I couldn't find a more relevant thread and not sure why I can't create a new one.

There's a condo that I'm interested in purchasing, however, the MPAC property assessment is higher than the asking price. I've checked the tax and sell price for another similar-sized unit in the same building and it was also listed for lower than MPAC assessment - is this normal?
From what I've seen for other buildings/units, it seems that MPAC assessment is always lower than the list/purchase price.

Should I be weary about this building? It seems well-built and well-maintained and condo fees are reasonable.
Click to expand...
You could be both wary and weary but it would depend on how much difference there is in the listing price and the MPAC valuation. Also, it is more than possible that the sellers have listed with a low asking price to encourage offers and/or a quick sale. If you like the property and if your lawyer thinks the Status Certificate is OK then I would put in an offer.
 
DSC said:
You could be both wary and weary but it would depend on how much difference there is in the listing price and the MPAC valuation. Also, it is more than possible that the sellers have listed with a low asking price to encourage offers and/or a quick sale. If you like the property and if your lawyer thinks the Status Certificate is OK then I would put in an offer.
Click to expand...

My friend had this happen to her (but it was on a SFD house) she had to fight MPAC, and it took a while. But she argued that, how could they assess her higher than what she just paid. It took a while, but MPAC relented.
 
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