MPAC has increased the cost to the tax-payers of Ontario. Computer programs are only as good as the person creating them or who is putting the data into that computer. With MPAC's formula for payment for their services there is a conflict based on the "assessed value of property" x "the number of properties" ÷ 2 x "the amount that the Corporation considers necessary to pay for its operations during the taxation year."
According to government, assessments are to be based on "fair market value," (FMV). FMV is defined as: "the price that a person reasonably interested in buying a thing would pay to a person reasonably interested in selling it…" To determine FMV both the buyer and seller should know what they are buying/selling and it must be their own decision to freely buy or sell what is being offered.
