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  #1  
Old 2020-11-24, 08:52 AM
Casp12 Casp12 is offline
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Default MPAC - Vacant Lot Assessment

We moved into our new build in March 2020, and understand that it can take some time for proper property taxes to be calculated/collected. That being said, we have an estimated amount being put aside into an account by our bank each month from our mortgage payment. We received an MPAC assessment letter yesterday which valued our home as a vacant lot, with a value of $70k. Comparable units are currently being sold (resale) for north of $600k. Do we wait for MPAC to catch up, or should we be correcting them now? This is our first time doing the new build route, so wanted to pick others' brains who have been through similar situations. Appreciate any insight/advice!
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Old 2020-11-24, 05:20 PM
oakvillehomeowner oakvillehomeowner is offline
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don't worry - they will correct you. use their "my account" feature to look up similar homes so that you can make sure yours is not assessed higher than others. it's common for homes that are newer to have higher assessments, even when the home is otherwise identical.
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Old 2020-11-24, 07:10 PM
stittsville resident stittsville resident is offline
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You wait and it could be a long time. I contacted them just to try and figure out timelines and I couldn't get a straight answer on that simple topic.

Our assessment occurred this year and it took 1 year and 8 months from the time of possession. They assessed us for close to, but lower than the purchase price which was 2 years and 6 months earlier.

You could be ultra safe and make your estimates based of off the current market price, but it should be based off of your purchase price.
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Old 2020-11-26, 09:37 AM
Casp12 Casp12 is offline
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Thanks so much, stittsville_resident! This is really helpful and reassuring. In the end, we're already putting $ aside for the eventual PT catch-up, so I guess we'll just wait and see how long that takes.
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Old 2020-11-26, 11:52 AM
paquettc paquettc is offline
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We moved in to our Caivan home in Barrhaven in August. Just got our MPAC letter yesterday. Our valuation was $100k. It was clear though that it was the land valuation from 2016. It's like throwing a dart blind folded to know how much it will be. New sale value of our house has gone up by over $260k since we purchased 2 years ago. We decided to pick a value in the middle of our purchase price and the current sale priceand save for that.

Chad
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Old 2020-11-26, 11:54 AM
Casp12 Casp12 is offline
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paquettc - same thing with us - it was clear it was based on 2016 vacant land valuation (also in Barrhaven). Seems like a smart approach! Thanks for sharing your situation!
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Old 2020-11-29, 02:04 PM
Mitsuko Mitsuko is offline
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Quote:
Originally Posted by paquettc View Post
We moved in to our Caivan home in Barrhaven in August. Just got our MPAC letter yesterday. Our valuation was $100k. It was clear though that it was the land valuation from 2016. It's like throwing a dart blind folded to know how much it will be. New sale value of our house has gone up by over $260k since we purchased 2 years ago. We decided to pick a value in the middle of our purchase price and the current sale priceand save for that.
Chad
Hi Chad,
Did you pay any property taxes for 2020 yet? Our (partial) taxes for this year were based on the 2016 land valuation and we paid 1.085% of the assessed value. The remaining amount will be based on the re-assessed value for 2016 (named "Improvement to Property" or IM). We already received the new assessment as well.
Regards!
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Old 2020-12-04, 09:37 PM
paquettc paquettc is offline
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Quote:
Originally Posted by Mitsuko View Post
Hi Chad,
Did you pay any property taxes for 2020 yet? Our (partial) taxes for this year were based on the 2016 land valuation and we paid 1.085% of the assessed value. The remaining amount will be based on the re-assessed value for 2016 (named "Improvement to Property" or IM). We already received the new assessment as well.
Regards!
Hey,

According to our list of disbursements, the 2020 land tax was set at $1550. We paid our portion based on when we took possession of the house. The value is definitely based on the vacant lot value.

C.
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Old 2020-12-05, 05:47 PM
Mitsuko Mitsuko is offline
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Originally Posted by paquettc View Post
Hey,
According to our list of disbursements, the 2020 land tax was set at $1550. We paid our portion based on when we took possession of the house. The value is definitely based on the vacant lot value.
C.
Thank you for your response!
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