On August 16, the Ontario government filed a regulation to amend the Assessment Act, extending the postponement of a province-wide reassessment through the end of the 2021-2024 assessment cycle. This means that property assessments for the 2024 property tax year will continue to be based on fully phased-in January 1, 2016 current values.
The government also announced that it will conduct a review of Ontario’s property assessment and taxation system. While MPAC is not responsible for setting tax rates or collecting property taxes, we welcome the opportunity to work with the Province to ensure the property assessment process is optimal for industry stakeholders, property owners and municipalities.
MPAC continues to work to ensure the organization is well positioned to deliver updated assessments when directed by the Province.
“We remain committed to working with and supporting industry stakeholders throughout this postponement period”, commented Greg Martino, Vice President and Chief Valuation & Standards Officer. “We share the government’s interest in ensuring the accuracy, transparency, and fairness of property assessments, and are ready to contribute our assessment expertise and experience to the review.”
If you have any suggestions, questions or comments, feel free to contact us at Industry@mpac.ca.
