Why does my condo assessment seem higher than market value?

[gentlepuppies]

I paid $385k for a 620sf 1br at Pace Condo in May. My assessment recently came in at $435k. The only comparable listings in my building r 2br units for about $499k. Granted those 2brs aren't much bigger than my 1br, it still seems slightly over assessed, no? I'm used to seeing assessments way under market value... Is that more true for SFD vs condo?

 

[kalvinone]

Check the assessment for other similar properties and if that's the case that your unfairly higher, you have a good reason to fight it. Go dispute your assessment with examples.

 

[DSC]

Check the assessment for other similar properties and if that's the case that your unfairly higher, you have a good reason to fight it. Go dispute your assessment with examples.

Yes, the MPAC assessment is supposed to reflect market value (as of 2016 I think) and if you have several examples of equivalent Units in your building or area you should certainly appeal. I know of someone who had over $200K knocked off the assessed value of her Unit last year.

 

[gentlepuppies]

how do i check the assessment of other properties?

 

[W. K. Lis]

how do i check the assessment of other properties?

First, have your current assessment with you.

Second, go to https://www.aboutmyproperty.ca/ and register.

Third, click on the "My Neighbourhood" button to get to the map to select a property that might show their assessment.

Welcome to your neighbourhood.

While there are a number of factors that account for the assessment of a property, location is the most important one. As a result, comparing your assessment to similar properties in your area or neighbourhood will help you review your assessment.

Using the map below, you can learn more about other properties in your neighbourhood.

To view a property's snapshot, zoom into the map until you can see individual, colour-coded properties using the + option above the map.

 

[Palma]

I paid $385k for a 620sf 1br at Pace Condo in May. My assessment recently came in at $435k. The only comparable listings in my building r 2br units for about $499k. Granted those 2brs aren't much bigger than my 1br, it still seems slightly over assessed, no? I'm used to seeing assessments way under market value... Is that more true for SFD vs condo?

No. I live in a SFD and it is assessed way lower than market value (of what similar properties have sold for) even looking at figures from July-Aug and not from Mar 2017. That tells me what my house really should be worth (assessed value) and basically the 2 storey new built houses in my area should be worth what the market value of my home is