Thunder Bay homeowners will see the assessed value of their property increase by an average of 7.24 per cent in 2013

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THUNDER BAY – City of Thunder Bay City homeowners will see the assessed value of their property increase by an average of 7.24 per cent in 2013. “Residential property values have increased by approximately 29.29 per cent in the City of Thunder Bay since 2008 when the last Assessment Update was delivered,” said Darlene Morgan, Municipal Relations Representative in the Municipal Property Assessment Corporation’s (MPAC) Thunder Bay Office in a media statement.

Because of the four-year phase-in program, property owners will see an average assessment increase of 7.24 per cent in 2013. The phase-in program does not apply to decreases in assessment which are applied immediately for the 2013 property tax year. Property Assessment Notices are now being mailed to more than 115,000 property owners in Thunder Bay, Kenora and Rainy River Districts as part of this fall’s province-wide Assessment Update.

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 a property owner. Morgan said residential property values have increased in other municipalities within the Thunder Bay District:

  • In Neebing Municipality, values have increased by approximately 0.46 per cent for the 2013 tax year.
  • In the Township of Oliver Paipoonge, values have increased by approximately 6.05 per cent for the 2013 tax year.
  • In the Township of Gillies, values have increased by approximately 0.58 per cent for the 2013 tax year.
  • In the Township of O’Connor, values have increased by approximately 3.01 per cent for the 2013 tax year.
  • In the Municipality of Shuniah, values have increased by approximately 7.62 per cent for the 2013 tax year.
  • In the Township of Manitouwadge, values have increased by approximately 2.01 per cent for the 2013 tax year.
  • In the Township of Conmee, values have increased by approximately 3.66 per cent.

Residential property values have decreased in some municipalities within the Thunder Bay District:

  • In the Township of Red Rock, values have decreased by approximately 2.70 per cent.
  • In the Township of Terrace Bay, values have decreased by approximately 5.51 per cent.
  • In the Township of Nipigon, values have decreased by approximately 8.06 per cent.
  • In the Township of Schreiber values have decreased by approximately 10.34 per cent.
  • In the Township of Dorion, values have decreased by approximately 5.25 per cent.
  • In Greenstone Municipality, values have decreased by approximately 4.20 per cent.

Since 2008, waterfront properties in most municipalities within the Thunder Bay District have also increased in value.  In the Municipality of Neebing, waterfront values have increased by approximately 21.61 per cent since 2008. In the Municipality of Shuniah, waterfront values have increased by approximately 36.28 per cent. With the four-year phase in program, property taxpayers will see an average increase of 5.28 per cent and 9.04 per cent respectively for the 2013 property tax year.

For more detailed analysis of the changes in values that taken place across Ontario, refer to MPAC’s special Assessment Update Edition of Market Snapshot, available at www.mpac.ca.

“Our values reflect the local real estate market and confirm that most homeowners in the area have seen an increase in the value of their property over the past four years”, Morgan said.

MPAC’s role is to accurately assess every property in Ontario. “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,” Morgan said.

Property owners can check the accuracy of their assessment at www.aboutmyproperty.ca. This website allows owners to easily compare the value of their property to others in their neighbourhood and community. Registration information is included with every Notice mailed this fall.

If property owners believe their assessment is not correct, they have the option of filing a Request for Reconsideration and MPAC will review their assessment free of charge.

Hours will be extended at MPAC’s Thunder Bay office during the Notice mailing period this fall from 8 a.m. to 6 p.m. Monday to Friday through November 16. The regular hours at the Thunder Bay office are 8 a.m. to 4:30 p.m. Monday to Friday. Property owners should refer to their Notice for more information or call the Customer Contact Centre at 1-866-296-MPAC (6722).