EPISODE 551; THEY'RE COMING FOR YOUR MONEY

#PRIMEDAILY EPISODE 551; THEY'RE COMING FOR YOUR MONEY

Assessment Cycle

MPAC completes a province-wide Assessment Update every four years based on a legislated valuation date. The valuation date, established by the Ontario government, is a fixed day on which all properties are valued.
The last province-wide Assessment Update took place in 2016, based on a January 1, 2016 valuation date. In 2020, MPAC will update the assessments of all properties in Ontario to reflect a new legislated valuation date of January 1, 2019. These assessments will be in effect for the 2021-2024 property tax years.
To provide an additional level of property tax stability and predictability, market increases in assessed value between Assessment Updates are phased in gradually over four years. A decrease in assessed value is introduced immediately.

To establish a property’s assessed value, MPAC analyzes sales of comparable properties in the area. This method, called Current Value Assessment (CVA), is used by most assessment jurisdictions in North America. In addition, we look at all of the key features that affect market value. When assessing residential properties 200 different factors are considered, however five major factors account for approximately 85% of the value: location, lot dimensions, living area, age of the property, adjusted for any major renovations or additions, and quality of construction.