Local property reassessments are being delivered this week. The updates from the Municipal Property Assessment Corporation are an important document, as they play a part in determining how much your property tax will be rising. MPAC says assessment values are up 2%, on average, in Oxford County for 2013. However, farmland is up an incredible 48.2% in assessed value. In a 4-year phase-in, that will be a 12% increase per year. An increase in assessment does not necessarily mean an increase in property taxes. If the assessed value of a home has increased by the same percentage as the average in the municipality, there might be no increase in the property taxes paid by property owners. In a media release, MPAC Municipal Relations Rep, Brenda Slater says ?Property owners should ask themselves if they could have sold their property for its assessed value on January 1, 2012. If the answer is yes, then their assessment is accurate. If not, we are committed to working with them to get it right." Property owners can check the accuracy of their assessment at here. This website allows owners to compare the value of their property against others in their neighbourhood and community.
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