Between November 12 and 23, 2021 MPAC is mailing out Assessment Notices to 875,000 Ontario property owners who in the past year either moved, changed their school support or made changes to their property (example, built a new building or addition, or removed of an old structure; or had a change in the classification of the property. See Pic of Notice of Reassessment below.
MPAC assesses more than 5 MILLION properties in Ontario representing $3 TRILLION in property value. (average =$600,000 but hardly a relevant number considering the wide range of property valuations)
This week MPAC said it has completed work for the 2022 municipal assessment rolls, and "captured $37 billion in new assessment province-wide, achieving its forecast for the year."
So, that would be like 1 percent of the province's total property values...with large numbers it is hard to get a handle on it...if the total of the 5 million properties in Ontario is 3,000,000,000,000. assessments have increased 37,000,000,000.
One might say this is tricky to understand considering the huge increase in property sale prices in the past 3 years.
But, it's important to note two things:
1. "The last province-wide Assessment Update took place in 2016, based on a January 1, 2016 valuation date. The Ontario Government announced that the 2020 Assessment Update has been postponed. Property assessments for the 2021 and 2022 taxation years will continue to be based on the fully phased-in January 1, 2016 current values (i.e., the same valuation date in use for the 2020 taxation year).
2. MPAC Property Assessments have no impact on the total property tax amount that a municipality might raise. Rather, these changes provide for a redistribution of property taxes within a municipality, based on the value of the property owned"
MPAC assesses more than 5 MILLION properties in Ontario representing $3 TRILLION in property value. (average =$600,000 but hardly a relevant number considering the wide range of property valuations)
This week MPAC said it has completed work for the 2022 municipal assessment rolls, and "captured $37 billion in new assessment province-wide, achieving its forecast for the year."
So, that would be like 1 percent of the province's total property values...with large numbers it is hard to get a handle on it...if the total of the 5 million properties in Ontario is 3,000,000,000,000. assessments have increased 37,000,000,000.
One might say this is tricky to understand considering the huge increase in property sale prices in the past 3 years.
But, it's important to note two things:
1. "The last province-wide Assessment Update took place in 2016, based on a January 1, 2016 valuation date. The Ontario Government announced that the 2020 Assessment Update has been postponed. Property assessments for the 2021 and 2022 taxation years will continue to be based on the fully phased-in January 1, 2016 current values (i.e., the same valuation date in use for the 2020 taxation year).
2. MPAC Property Assessments have no impact on the total property tax amount that a municipality might raise. Rather, these changes provide for a redistribution of property taxes within a municipality, based on the value of the property owned"
