Drew Samuels, Director, Litigation and Administration, Property Tax, DMA Canada
Property assessments conducted by the Municipal Property Assessment Corporation (MPAC) play a crucial role in determining the property tax burden in Ontario.
On August 16, 2023, Ontario Minister of Finance, Peter Bethlenfalvy, announced that the province will defer property reassessments to provide stability to property owners, businesses, and municipalities, and to conduct a review of the property assessment and taxation system. Bethlenfalvy also passed Ontario Regulation 261/23, which amends legislation to include the 2024 taxation year in the 2016 Current Value Assessment (CVA).
Ontario’s 2016 CVA
The 2016 CVA is a reference to the base year for the assessment values used in the property assessment process. It is designed to establish a consistent starting point for assessing property values over time.
While the 2016 CVA is utilized as a benchmark, it does not imply that the assessments are exclusively limited to that year. Instead, it serves as a reference point for determining the fluctuations in property values over subsequent years (i.e., now 2017-2024).
What to Expect
Considering the delay in property assessments and the inclusion of 2024 in the 2016 CVA, it is important for property owners in Ontario to understand what to expect moving forward.
Once the 2024 assessments are completed and mailed, there may be adjustments to property values which could subsequently impact your property taxes. Property owners can anticipate receiving notices from MPAC in the mail in the Fall of 2023 regarding any changes in assessed values, which will have a corresponding tax implication.
Review Your Updated Assessments with a DMA Expert
If you receive an updated assessment, it is essential to contact a property tax specialist to assist you in reviewing these notices thoroughly. DMA is here to assist you and provide the necessary support during this transitional period.
Contact our property tax experts to discuss your concerns regarding the delay in Ontario’s property reassessment, Ontario Regulation 261/23, or to review your property assessment notice.