Did you receive your Property Assessment Notice?
February 7, 2019 | Posted by: Sherry Corbitt
In 2016, the Municipal Property Assessment Corporation (MPAC) mailed a Property Assessment Notice to every property owner in the province. More than five million properties – residential and non-residential were assessed in Ontario. The next province-wide Assessment Update is scheduled to take place in 2020.
Reasons why you might have received a Property Assessment Notice:
- Property value increase/decrease, therefore changing the property (maybe you added a pool or built a shed. Maybe you tore down the garage, etc.
- Change to property ownership, legal description, or school support
- Change to the property’s value resulting from a Request for Reconsideration (RfR), an Assessment Review Board (ARB) decision, or ongoing property reviews
- Change in the classification or tax liability of the property
If you look on your 2018 Property Assessment Notice, you’ll find the assessed value of your home based on a January 1, 2016 valuation date. This will be the basis for your property taxes for the 2019-2020 property tax years. This valuation date is determined by the Ontario government and is a fixed date that all properties are valued at—the price your property would have reasonably sold for in its current state and condition on January 1, 2016.
On your Property Assessment Notice, you will find important information for you as the property owner. You should review it and file it in your records. For more information to learn about how your property was assessed, visit aboutmyproperty.ca.
What information is recorded?
- What information is in your file
- How your property compares to others in your neighbourhood
- Property Taxes
To log in to aboutmyproperty.ca, you’ll need your Roll Number and Access Key that can be found on your Property Assessment Notice.
Remember, everyone has to pay the property tax man! It’s always a good idea to understand how that valuation was made.