Priced vs assessed value on $1M+ properties

Ken_vs_Ryu wrote: ↑ Is it normal for the assessed property value to be significantly lower than asking price for $1M+ homes? Looking in the GTA, the discrepancy could be as large as $500k that I've seen. That's not a bad thing for tax purposes but is there something else to consider here?

In Toronto the MPAC assessments are essentially useless for helping determine a good market value. They are only done I think every 4 years with phased in increases over that time for tax purposes, so the amount you see may be reflective of their assessment from several years ago, and even back then it probably wasn't accurate.

I only see upside to a low assessment, with lower taxes paid.

yup. pretty normal across all property types in GTA.

useless really. especially older homes.

for cookie cutter homes in the suburbs there is some use to it for valuing as you can know whether two houses on the same street that seemingly look identical may have minor differences .

From all the MPAC assessments I've seen, every single one of them are assessed lower than market value.