To assess your property, MPAC analyzes property sales in your area. This method is called Current Value Assessment. For residential properties, the five main factors that account for the majority of your property's value include location, lot dimension, living area, age of property (adjusted for major renovations/additions), and quality of construction. For farm properties, MPAC looks at farmland, residence, residence land, farm outbuildings, and other buildings.
To learn more about how residential and farm properties are assessed, watch MPAC's videos:
Farm property owners can get more information to help them understand their assessment by viewing the Farm Property Assessment page on the MPAC website.