How do I appeal my property assessment in Canada?
The appeal process varies by province but typically starts with an informal complaint to the assessment authority. In Ontario: file a Request for Reconsideration with MPAC by March 31, then appeal to the Assessment Review Board if unsatisfied. In BC: file with the Property Assessment Review Panel by January 31. In Alberta: file with the Assessment Review Board. Gather comparable sales data (similar properties that sold recently) as evidence.
What is the difference between assessed value and market value?
Assessed value is the value assigned to your property by the municipal assessor for tax purposes. Market value is what your property would sell for between willing buyers and sellers. In most provinces, assessed value is intended to reflect market value (100% assessment ratio). However, in Manitoba the assessment ratio is 45% and Saskatchewan uses 85%. Discrepancies between assessed and market value create grounds for an appeal.
How much can I save by appealing my property assessment?
Savings depend on how much your assessed value exceeds market value and your local mill rate. On a property assessed at $800,000 with a true market value of $700,000, reducing the assessment by $100,000 at a mill rate of 10 (0.01) would save $1,000 per year. Over 4-year assessment cycles (Ontario, BC), the cumulative savings can be substantial. Property tax appeal professionals typically charge 25–40% of first-year savings as their fee.