5 Year Fixed 2.09%

5 Year Variable 1.50%

Property Assessment Notice Postponed

Property Assessment Notice Postponed

Date Posted: December 3, 2020

Every four years MPAC (Municipal Property Assessment Corporation) conducts a province wide assessment update to update the assessed value of every property in Ontario. Being a property owner in Ontario, you will receive a ‘Property Assessment Notice’ in the mail in order to update you on the value of your property. Due to the Covid-19 pandemic, the Government of Ontario has made the decision to postpone the 2020 Assessment update. They have indicated that property assessments for the 2021 property tax year will continue to be based on the fully phased assessment done on January 1st, 2016 current values unless there have been changes to your property. The Municipal Property Assessment Corporation will continue to review properties during non-Assessment update years for; new builds, owners who have renovated, properties that have been demolished and properties that have changed use. You may receive a notice from MPAC if there has been a change to your property including:

  • Change to property ownership, legal description, or school support.
  • Change to the property’s value resulting from a Request for Reconsideration, or an Assessment Review Board decision.
  • Property value increase/decrease reflecting a change to the property; for example, a new structure, addition, or removal of an old structure.
  • Change in the classification or tax liability of the property.

To read the full article, click here.