Written by: Evan Prendergast
As a property owner or tenant in Ontario, you have until March 31, 2022, to file an appeal or a Request for Reconsideration application against your 2022 Property Assessment.
Historically, the Municipal Property Assessment Corporation (MPAC) issues new property assessments once every four years. However, due to the COVID-19 pandemic, this 4-year assessment cycle has been extended to an expected 7-year assessment cycle, leaving most property assessments frozen for tax years 2021, 2022, and 2023.
As a taxpayer, you should consider having your property assessment reviewed by a tax professional if you have had any of the following in the last 12 months:
- Physical changes have been made to your property
- The current use of your entire property or a portion of your property has changed
- You have purchased a new property
- COVID-19 has had a significant impact on the business operations at your property
As an added benefit, your 2023 assessment will reflect any successful property assessment reductions achieved for 2022. The assessment reduction for 2022 will also establish a lower valuation base for future year assessment cycles.
Learn more about our property tax services and how we can help you and your business with accurate and timely property assessments.