Every four years, the Municipal Property Assessment Corporation (MPAC) updates the value of each property in the province as part of Ontario’s assessment cycle. The most recent Assessment Update took place in 2016, based on a valuation date of January 1, 2016. Prior to 2016, the last update was in 2012 and affected the tax years 2013-2016. Any increase in the 2016 assessment from the 2012 assessment was phased in equally over the next four years (2017-2020). Re-assessment does not necessarily result in higher taxes.
- When assessment values go up and if budget stays the same - the tax rate goes down. Property taxes remain the same
- If assessment values go up at the same rate for all properties, property taxes remain the same
- If assessment values go up at different rates for different properties and budget stays the same - property taxes will change (up or down) depending on the value of the property
- When costs to provide services go up, property taxes increase
-
Due to the COVID-19 pandemic, the Ontario government has postponed the 2020 Assessment Update. They have indicated that property assessments for the 2021 to 2024 property tax years will continue to be based on the fully phased-in January 1, 2016 current values. This means your property assessment for the 2024 property tax year will be the same as the 2023 tax year unless there have been changes to your property.
For more details, please refer to:
https://www.mpac.ca/en/ContinuedPostponement
Questions or Concerns?
Residents with any questions regarding the new assessment can call MPAC’s Customer Contact Centre at 1-866-296-MPAC (6722). Alternatively, MPAC’s website
AboutMyProperty™ can provide specific details about your property assessment. AboutMyProperty™ is MPAC’s secure, online self-serve website that allows property owners to learn more about how their property was assessed, see information MPAC has on file, and compare it to others in their neighbourhood/area.
There is additional information available on MPAC’s website including:
