“Farm values reflect the local real estate market and farm property owners may be interested to know that all categories of agricultural land have increased over the last four years,” said Rose McLean, MPAC’s vice-president and chief operating officer, in a release.
Assessments are mailed out every four years and the current ones will have a valuation date of Jan. 1, 2016.
MPAC compiles a variety of data to ensure the valuation is as accurate as possible.
“To determine farmland values MPAC collects and analyses information about sales of farmland to farmers,” said McLean. “Sales of farms to purchasers who intend to use them for other purposes are not included.”
Farm owners are encouraged to visit aboutmyproperty.ca to get more information about their property and its assessment including past values, comparisons to others in the area and taxes.