REAL 1820 Lecture Notes - Lecture 16: Air Conditioning, Online Banking, Sales Comparison Approach
28 Nov 2015
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Document Summary
The ontario model of property taxation. The provincial government passes legislation, sets assessment policies, & determines the education tax rates. The municipal property assessment corporation (mpac) determines current value assessments and classifications for all properties in. Municipalities determine their revenue requirements, set municipal tax rates and collect property taxes. The assessment review board, an independent tribunal, handles assessment appeals. The key roles of municipal property assessment corporation (mpac) 2 a not- for- profit, public sector corporation serving ontario property taxpayers. 3 accurately assess all properties (more than 4. 7 million) across ontario. 4 use a scheme called current value assessment (cva) 3 the price a property might reasonably be expected to sell for, in its current condition, on the open market. 4 a given property can sell at any point within a range of values. (i. e. 5 a selling price represents the price a buyer and a seller agree to in one particular transaction.
