MCAP property assessment values - did anyone challenge them?

[tjthemanto]

I know people who have spent $$$$ on upgrades and their house is assessed at the same value as their neighbour's house !

They will have fancy hardwood in the house, granite counter tops, finished basements, heated fancy driveways, Metal roofs, hi fi backyard and landscaping with patios etc, fancy upgraded kitchens and wash rooms.

I bet if they sell their house they will get $ 100,000 - $ 150,000 more than their neighbour who has the same size house minus the upgrades.

[tjthemanto]

MPAC values can also affect your home insurance rates or replacement value rates if your house burns down or floods or something.

Your home insurance will usually just cover you for that cost and not the bidding war crazy market price of the house. That price will be listed on your home insurance policy and usually its much closer to the MPAC value than the Market value.