People often ask, “Why are the MPAC and MLS Valuations so different?”
Honestly, we may never fully understand the mysteries of MPAC. Sometimes, they are spot on in their assessments while other times, they seem to be outrageously off-target. Here are a few things we do know.
MPAC Assessments
MPAC may or may not actually come to your home to see the property. Some MPAC evaluators may knock on your door and ask you a few questions just after you purchase a home. They have their own system to determine a value to base your property taxes on, using factors like:
• location
• lot dimensions
• living area
• age of the property; adjusted for any major renovations or additions
• quality of construction
Just know that when you get your assessment, it may not be an accurate assessment of the true value of what your home would be worth in today’s Real Estate market.
It is typical to want our MPAC assessment to be lower than what it would really sell for in today’s market. That way we pay less taxes, and no one I know wants to pay more taxes! However the assessment turns out, don’t panic. Did you know, you CAN contest the assessment if you feel it is unfair?
Professional Real Estate Home Evaluations
As for the real estate end of your home’s value, that is not a real mystery, but must be considered carefully. Some of the factors that I consider are:
• recently sold homes that are comparable
• current homes for sale that are similar
• the average length of time it takes to sell a home in your neighborhood
• the current condition of your home
• the amount and type of product (homes) on the market
• the location
• the available services and amenities
• the MPAC assessment (Although it may not reflect the actual market value, it still factors into the equation)
Every home is different, even if they look the same from outside. Since your home may have unique qualities affecting its value, you need someone who knows the area and the condition of the comparable homes and all the other factors, to evaluate your home.
A professional REALTOR® will help you determine the best value in today’s market. Our real estate markets are always changing so you need to be in touch with a knowledgeable agent.
If you are thinking of selling, call me today for your FREE Market Evaluation.
I enjoy helping folks plan for the future and I look forward to helping You.
