Ontario continues to see strong growth in 2023 with MPAC returning more than
$42 billion in new assessment
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On December 12, 2023, MPAC delivered its annual assessment roll to municipalities, sharing insights on how Ontario’s property landscape changed over the course of the year.
MPAC added more than $42 billion in new assessment from new construction and improvements to existing properties. In total, the assessed value of all properties in Ontario totals more than $3 trillion.
New assessment refers to new construction and/or additions to existing properties that have been recently completed and assessed during the year.
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2023 Property Assessment Notices |
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MPAC delivers an assessment roll annually to municipalities and the Province of Ontario to support the calculation of property and education taxes. These assessed values are used by municipalities to distribute taxes, not determine them.
In support of this work, MPAC mailed more than 713,000 Property Assessment Notices to owners across the province this fall, reflecting changes in value, ownership or classification.
As the timing around the next assessment update has not been determined, property assessments for the 2024 property tax year continue to be based on the fully phased-in, January 1, 2016, assessed values.
For support in understanding your assessed value and the Property Assessment Notices, visit mpac.ca.
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Sector update: Pit and quarry properties |
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MPAC has revised the assessments of all pit and quarry properties in Ontario to reflect the Divisional Court’s decision on the long-standing pit and quarry Assessment Review Board (ARB) appeals.
As part of this update, changes to classification and methodology have been made in order to reflect the approach outlined in the ARB decision.
Property owners received a Property Assessment Notice in November, updating their property’s assessed value and classification for the 2024 property tax year.
All assessed values reflect the January 1, 2016 valuation date. If property owners disagree with their property’s assessed value and/or classification, they can file a Request for Reconsideration (RfR) with MPAC, free of charge, by April 2, 2024.
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Industry Webinar Recap
Learn more about changes to assessments for Pit & Quarry properties.
In November, MPAC staff shared an update on the changes made to pit and quarry assessments as a result of the Assessment Review Board decision, including details on Property Assessment Notices mailed to owners.
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Connecting at the recent IPTI conference |
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Greg Martino, Vice-President and Chief Valuation and Standards Officer, and Matt Kanter, Vice-President and General Counsel, were at the International Property Tax Institute (IPTI) Property Tax Conference earlier this month in The Hague, Netherlands.They had the opportunity to connect with industry professionals from around the world to discuss outcomes and share experiences with respect to various elements of property assessment and tax policy.
At this event, Greg presented MPAC’s perspective on best practices in valuation, valuation methodologies, as well as challenges and opportunities we are encountering in today’s landscape. Matt presented on the assessment dispute resolution process in Ontario.
The conference also provided an opportunity to build and strengthen our relationships with industry professionals and learn from their experiences to improve our efforts in Ontario.
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Best wishes this holiday season |
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On behalf of the MPAC team, we wish you a safe and restful holiday season.
Please note MPAC will close at noon on Friday, December 22, 2023, and will reopen on Tuesday, January 2, 2024.
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If you know someone who would be interested in receiving Industry Insights, have them send an email to [email protected].
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