Property Assessment vs Appraisal vs C.M.A. in the Province of Quebec

Home owners in Quebec have been getting their changed property assessments recently.

Some individuals are concerned that their Property Assessment is higher than their property is really worth, while others are delighted due to the fact that they mean to sell their homes and wish the Property Assessments will help their resale value.



There is an essential difference between Property Assessments, Appraisals, and a Comparative Market Analysis (C.M.A.).

Home owners need to keep in mind that a boost in assessment value does not necessarily mean an increase in home taxes. Actual property taxes rely on a number of factors consisting of the quantity of income needed by your town or exhausting authority to deliver services.

Put simply, an Assessment is a value the provincial government credits to your property, in order to use a tax “rate” to that number that will in turn calculate your final real estate tax. Property Assessments are finalized and stated by Municipal Property Assessment Corporation (MPAC).

An Appraisal is a value that a certified home appraiser (typically hired by the bank or loan provider for a home mortgage or loan secured by the value of your property) credits to your property, so that the bank or lending institution can guarantee that their loan/mortgage is safeguarded, if for any reason they must enforce Power of Sale. More specifically, the bank or lending institution wants to make sure that the property is worth even more than the amount they are lending.

A Comparitive Market Analysis (C.M.A.) is normally provided by a certified Realtor in Quebec, and contrasts current property values in the same market location as your home.

A Comparitive Market Analysis (C.M.A.) compares current asking prices and, even more notably, current sold prices to figure out especially exactly what purchasers will pay in existing market conditions for a comparable (equivalent) home. If you are considering selling your house, a proper Comparitive Market Analysis (C.M.A.) by a knowledgable Realtor will be more accurate in helping you figure out a reasonable selling cost for your house, than an Appraisal or even Assessment!

Remember, I am not just a local Real Estate Strategist, but also a Professional Negotiator and I have actually learned many secrets to reach the winning deals for my clients – whether you are buying or selling a House, Condo, or even an Investment Property!

If you have more questions about this or other relevant subject, you are welcome to call or email me directly, without delay.