MCAP property assessment values - did anyone challenge them?
I am about to request that MCAP looks at my property and reconsiders their valuation. I wonder if anyone went through this process and what their experience was?
I live in a condo in Toronto. Condo prices have dipped this fall and will likely continue to fall. Realtors and newspapers may deny it and downplay it, but all of us living in condos and tracking activity in our own buildings know it.
MCAP used resale figures from when the condo market was still hot.
Now, MCAP tells you to go on their website and look up values for properties in your area - I did, and it turns out these are all not based on recent sales but values that MCAP assigned these properties, and they are all overvalued.
I actually cannot sell my condo right now for the price that MCAP has determined it is worth. In spring 2012 and earlier, when condo market was at its frenziest, I probably could have.
From what I can tell, you first submit a request for MCAP to reconsider their valuation (For free), and then they send you their letter with their findings. If you still disagree, you then go to some tribunal and must pay to file an application for them to look at your case. I wonder if anyone had any experience with this tribunal, is it expensive? Are they useful?
I am going to guess this is going to be a bigger issue in Toronto than just me being affected.
EDIT: oppss it's MPAC not MCAP. MCAP keeps spamming me all the time, taht's why I got them confused :)