Assessed values of a single family detached home will be jumping on average 27 present with the MPAC assessments. Assessment increases will occur over the four-year phase-in introduced by the provincial government. Belleville home owners received their assessments as well.
“Residential property values have increased by approximately 42 per cent in Hastings County since 2005, when the last assessment update was done. Because of the four-year phase-in introduction by the provincial government, property taxpayers here will see an average assessment increase of approximately 10.3 per cent next year,” said Christine Burden, municipal relations representative at the Trenton MPAC office.
Property values in Quinte have increased on average 27 percent since 2005 and waterfront property has increased by about 56 percent since 2005. This has caused a readjustment of the assessment values.
“Our values are based on actual selling prices and reflect the local real estate market,” said Burden. “We have seen selling prices for homes, waterfront property and farmland increase over the past three years and our values show that.”