January 2024

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Ontario sees a record increase in the value of property inventory with $42 billion in new assessments

On December 12, 2023, we delivered the 2023 assessment roll to municipalities across Ontario and shared insights on how Ontario’s property landscape changed this year.

Ontario’s property inventory grew by more than $42 billion through new construction and property improvements in 2023. Residential homes, including condominiums, accounted for more than $31 billion of this increase, while commercial and industrial properties contributed more than $6 billion, which is an increase of 31.5 per cent from 2022.

The assessed value of more than 5.6 million properties in Ontario is now estimated to be approximately $3.14 trillion. MPAC summarized these changes in the annual assessment rolls that were delivered to Ontario’s 444 municipalities last month.

Across Ontario, 10 municipalities accounted for more than 44 per cent of new property value. Toronto led the way for another year at $9.93 billion, followed by Ottawa at $3.37 billion. Vaughan, Oakville and Brampton rounded out the top five.

For more information, see the 2023 Roll Return Fact Sheet.

New Resource – First-Time Homeowners Hub

In November 2023, over 713,000 property owners across Ontario received a Property Assessment Notice (PAN), some for the very first time. For many new homeowners, the PAN mail-out would have been their first encounter with MPAC, and we understand they may have some questions. To help address common questions from new homeowners, we’ve launched the First-time Homeowners' Hub on mpac.ca. Some common themes explored on the page include:

• What a Property Assessment Notice is.
• The relationship between property assessment and taxation 
• Their 2016 property value. 
• How we use sales to determine the value of a home.
• And school support (even if they don’t have school-aged children).

Click here to visit the First-time Homeowners Hub.

Changes proposed to Tax Incentive Approval (TIA) process aimed at cutting red tape for municipalities and property owners

Recently proposed changes to the TIA administrative process have the potential to reduce the number of TIAs being issued by approximately 80 per cent or 4,000 properties. TIA notices are sent out when a property qualifies for an incentive program that would reduce its tax liability (Farm Tax Class incentive, Managed Forest Class incentive, etc.). Stakeholders across Ontario have remarked that when TIA’s are added or removed for administrative reasons they cause tax class uncertainty and disrupt municipal financial planning. We’re aiming to resolve this issue by enhancing our administrative processing and aligning our goals with other partner agencies. These changes should reduce the tax class shifts caused by TIA’s and help ensure they only occur when necessary. Some potential benefits for municipalities include improved roll stability, greater accuracy in growth projections and a reduction in the administrative burden of processing these changes. 

We mailed over 713,000 Property Assessment Notices (PANs) to Ontario property owners in November 2023 to notify them of changes to their property’s assessment. The layout of these notices was updated earlier in 2023 to increase transparency and clarity for property owners. The reason for the updated assessment is printed on the notice and property owners can learn more by visiting mpac.ca/notice.

Nearly 50 per cent of notices were mailed due to a change in ownership on a property. Other common reasons for receiving a notice included:



• Update to assessed value, classification and/or tax liability – 27.46%
• Update to mailing address – 4.55%
• New property or updated roll number (property severance/consolidation) – 11.63%
• Update to legal description/property location – 1.82%

Property owners that disagree with the change in their property’s assessment can file a Request for Reconsideration (RfR) free of charge to have MPAC review the decision. It’s important to note, the deadline to file a RfR for the 2024 property tax year is April 2, 2024. For more information, visit mpac.ca. Property owners can also access AboutMyProperty to view their assessment information, compare their property to others in their neighborhood, and file an RfR. 

New Resource – About My Property Promotional Video

Speaking of About My Property, we released a new promotional video for it late last year that’s aimed at educating property owners and helping them get signed into their account. You can view the new promotional video on our YouTube page. Please feel free to add it to your website, share it to your social media channels, and promote it to constituents.



Our YouTube channel is a great resource for educating constituents and colleagues on property assessment and taxation issues. We break down the difference between assessment and taxation, how our property inspectors assess different types of properties, and how property sales can affect your assessment. Explore our playlists and subscribe to the page to stay up to date on new uploads. 

MPAC at the OFA AGM

In November, staff from the Government Relations, Municipal & Stakeholder Relations, and Valuation & Customer Relations departments attended the Ontario Federation of Agriculture’s (OFA) Annual General Meeting in Toronto. Staff set up an information booth in the exhibitors’ hall where they were able to answer questions from event attendees and share information on MPAC products and services. 

We had some great conversations with farmers from across Ontario and appreciated the feedback we received on their assessment priorities. Thank you to the Hon. Lisa Thompson for her relevant and engaging closing remarks and to all who were able to stop by the booth.

One Point of Contact and Resources for MPPs and Their Staff 

Looking for assistance in responding to a constituent’s concerns regarding their assessment? Perhaps your office would like some information to add to your website or newsletter? Please reach out to our Manager of Government Relations, James Harvey at [email protected] or at 647-484-1555.