In October the Municipal Property Assessment Corporation (MPAC) sent Property Assessment Notices to all farmland property owners in Ontario. These property assessment notices contain important information that will impact your property tax bill in 2017 and beyond. OFA strongly encourages all farmers to carefully review their assessment notice from MPAC, here are some specific things to look for.
Check the classification. Be sure your property is still properly classified in the Farm Class. If the farm property has fallen out of the farm tax class, the property will be classified and taxed at a higher residential tax rate. If your farmland has fallen out of the farm property class you should call OMAFRA immediately at 1-877-424-1300.
Check the Value placed on your property. The assessment notice lists two values – the previous assessment as of January 1, 2012 and the new 2016 value. The difference between these numbers is the increase in property assessment over the last four years. Any increase in the assessment value of the property is not applied immediately, but is phased in equally over a four-year period (2017-2020). This is the value the municipality will use to determine your property tax bill. If you believe MPAC has overvalued your property, you have until February 8th to file a Request for Reconsideration (RfR). Contact MPAC at 1-866-296-6722.
For more information to help you with your RfR visit www.aboutmyproperty.ca enter your access key and roll number (both located at the top of your Property Assessment Notice) and view what information MPAC has on your property.