egotrippin said:
I don't believe that's correct, property taxes are based on assessed values as determined by MPAC (Municipal Property Assessment Corporation). Sale prices factor into their calculations no doubt, but these are done on a macro scale, not per unit or individual residence.
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MPAC tracks several hundred per-property features; the basics like lot size, indoor floorspace, garage space, and riparian rights through to details like the quality of the finishes (basic, premium, luxury), whether it has a deck, hot tub, quality of the view, etc. Initially, a lot of this data is provided by the developer directly.

They also have the right to perform an in-person inspection of your property at any time to confirm those details. They sometimes followup on building permits after a few years has passed. An MLS sale for well above or below their internal valuation used to trigger it; now they probably just look at the listing photos.

So yes, they do give all properties in a region a base valuation but from there they do adjust (up or down) based on the details of your specific property relative to those in the region. I don't know how big of a region they use; I don't believe they disclose it.

A large exclusive use terrace would most likley receive a positive adjustment relative to the typical per-sqft price in the MPAC valuation of those units.

It's rare even in a neighbourhood of identical houses for them to have the exact same valuation, though they may be very close.
 
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