MPAC Property Assessment
A Property Assessment is a document provided by the Municipal Property Assessment Corporation (MPAC) to homeowners to illustrate the value of a home, as assessed or determined by MPAC, for the purposes of calculating property taxes.
A broker/agent may find this useful in assisting to determine a value of a property in a switch or refinance transaction, before an appraisal has been completed, if the homeowner does not have any information on the potential value of the home.
It’s important to note that MPAC uses an automated valuation model or AVM to calculate the value. This assessment is typically not accepted by lenders to prove property value, and the broker/agent should be aware that the value shown on this document may differ from the value as determined by an appraisal. It is, however, valid to be used to provide a general idea of what the value of the property may be for use by the mortgage agent.