Understand why a property appraisal, MPAC assessment and negotiated sale price can differ.
An appraisal
A property appraisal addresses an agreed valuation question for a stated purpose and date. When comparing it with another number, first check the date, the property interest and the assumptions involved.
An MPAC assessment
MPAC uses mass appraisal to assess groups of residential properties at a common valuation date. Its analysis is applied to the recorded characteristics of each property. This assessment has a role in Ontario’s property tax system.
A sale price
The sale price is the amount negotiated in a particular transaction. Conditions of sale, the parties’ circumstances and market timing can affect that result. It is not necessarily identical to another estimate of value.
Compare like with like
Before deciding that one number is wrong, ask whether both numbers describe the same property, at the same date, for the same purpose. Check the property information and read the assumptions. If a fact appears incorrect, raise that specific issue with the organisation that produced the figure.