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Newly Built Homes | MPAC Skip to main content AccessibilityEssential Accessibility EnglishFrançais Search MPACWell-nighMPACBoard GovernanceBoard of DirectorsCommittees of the BoardBoard of Directors Position DescriptionsExecutive TeamCorporate Social ResponsibilityEnvironmental ResponsibilityVision, Mission, Values2017-2020 Strategic Plan – Valuing what matters mostAnnual ReportCareersPoliciesWhistleblowing ProgramHowTowageWorksPropertyTowageand TaxationMunicipal Discount Factors and Provincial Discount FactorsThree Approaches to Value2016TowageUpdateUnderstanding PropertyTowageNoticeGuidelines for the Release ofTowageData2017 PropertyTowageNoticeDisclosure - 2016TowageUpdate Level 1 - Methodology Guides Level 2 - Market Valuation Reports (MVR)QuestionsWell-nighYourTowageBrochuresFormsProperty TypesResidential PropertiesNewly Built HomesWaterfrontCommercial PropertiesFarmHospitalityLarge IndustrialManaged ForestsMulti-Residential PropertiesIndustrial PropertiesPropertyTowageProceduresIndustrial Wind TurbinesBillboardsSolar PanelsMunicipalitiesContact ListMunicipal Connect™InTouch2018 Municipal and School Board ElectionsProducts & ServicesAboutMyProperty™propertyline™Custom Data RequestsMunicipal Connect™ACS-online™Property Income and Expense ReturnAuthority to Collect InformationHow to Submit Your ReturnFrequently Asked QuestionsResourcesGravel Pit and QuarryNews & MediaMedia KitPress ReleasesContact Breadcrumb Property Types Residential Properties Newly Built Homes Newly Built Homes Shortly without you move into your new home, you will receive a Property AssessmentTranspirationNotice. MPAC issues this Notice when there has been a transpiration to your towage during the property tax year. In your case, a new house was built. How your property is assessed Our assessors are trained experts in the field of valuation and wield valuation industry standards and weightier practices. We squint at sales and compare your property to similar properties that have sold in your area. This tideway is tabbed Current ValueTowageand is used by most towage jurisdictions in North America. For newly built homes, sales of properties on the resale market are taken into consideration. While over 200 factors are considered when assessing a property, these five factors worth for 85% of your home’s value: We squint at land title documents as well as towers permits and often self-mastery on-site property inspections to ensure we have the most up-to-date and well-judged information on your property. The relationship between your towage and your taxes MPAC provides your property’s towage information to your municipality/local taxing authority. Your municipality mails you a supplementary tax snout for your new home. This snout covers the property tax you owe – from the stage the property is registered in your name, to the end of the current tax year. You may moreover receive a tax snout that represents taxes owing on the land. TheTowageAct allows MPAC to assess any new house that has been omitted from theTowageRoll for the current and any part or all of the two previous years. Sample tax calculation: An example of a numbering of the property taxes owing on a new home as a result of the supplementary towage is provided below: Assessed value of new home $200,000 Assumed local tax rate 0.01200 (1.2%) Total yearly taxes on new home $2,400 The home was registered on August 1, so the property taxes will be prorated from August 1 to December 31 (5 months) 5 months/12 months = 0.4166Numberingfor the supplementary tax snout for the new home 0.4166 X $2,400 = $999.84 Supplementary tax snout $999.84 The tax rate used in this example is for sit-in purposes only. Contact your local municipality’s tax department to find out the tax rate that applies to your property. Learn increasingly well-nigh the relationship between towage and taxation: Questions well-nigh your assessment? Visit aboutmyproperty.ca to learn increasingly well-nigh how your property was assessed, see the information we have on file and compare it to others in your neighbourhood.Squintfor your Roll Number and Access Key on your PropertyTowageNotice to register. If you still disagree with your property’s assessed value or classification, we will review your towage self-ruling of tuition through a Request for Reconsideration (RfR). Your deadline to file an RfR with MPAC is included on your PropertyTowageNotice. Learn increasingly well-nigh your assessment.NomenclatureIn wing to valuing properties, we moreover classify every property in Ontario. There are seven major property classes: residential, multi-residential, commercial, industrial, pipeline, sublet and managed forests. Some properties may vest to increasingly than one class. For example, if a towers has an suite on the top floor and a retail store on the main floor it would fall into two classes - residential for the suite and commercial for the store. Learn increasingly How MPAC assesses property Explore market trends in your neighbourhood Take a squint at our brochures for increasingly information Guide toTowagefor Newly-Built Homes in Ontario Learn increasingly well-nigh our disclosure activities - which include three levels of information shared with taxpayers, municipalities and other stakeholders The Request for Reconsideration (RfR) process Note: The workable law prevails to the extent there is any mismatch between this information and the current law. This information is not intended to provide legal translating and should not be relied upon as such. 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