Property assessment explained

The Concept .... everyone should pay a fair share, everyone should contribute

The goal from the start was to ensure that every property owner in the municipality should contribute an equitable share of the cost of running the community.

real estate mpac assessment

MPAC places a value on every property within a community. They use a method called Current Value Assessment.

MPAC analyzes property sales in your community together with a number of other items to establish your property’s assessed value.

The theory is that similar homes, of similar age and features should have similar values if offered for sale at the same time.

Bigger Homes = Bigger Assessments

More Bathrooms = Bigger Assessments

Higher Value = Bigger Assessments

Dave's Note: This can be a very subjective method which opens the doors to discussion about conclusions.

However, if each property is measured using the same benchmark then the result should be a fair and balanced positioning of every property (in terms of value) relative to all the other properties.

That way everyone is expected to pay a their way.

MPAC Then Sends ..

TOTAL Assessment To Town

Northumberand Municipalities

Each Municipality determines how much money they'll need in the next year to operate.

All the departments / groups etc calculate how much they'll have to spend to provide the services they provided last year, plus whatever they feel they need to add.

This includes:

Roads & Sewers
Water
Police / Fire Departments
Building / Planning
Parks / Rinks etc
Administration
All the things a community does for the people who live within it.

Dave's Note: This figure includes the cost to run all the Town's departments, roads, water, sewers, parks building and planning that provide services, pay borrowing costs, - buy trucks, golf shirts and take care of the ice pads. The whole kit and ko boodle.

Once the Municipal Leaders Agree

TOTAL COST

They Call It The BUDGET

It's VERY Important To Remember

Property Assessments Are Going Up

That means the value of the property we own in this area is increasing.

That DOESN'T MEAN taxes are going up.

I hope you found this useful ......

Please Use Your Back Button

Visit Moving To Cobourg .com ... the #1 Web Site serving lakeshore real estate .. (ask Google)