2023-Aug-31
New Property Assessments Delayed Until at Least 2025
The Ontario government has decided to postpone the new property assessments expected this fall until at least 2025 and will be reviewing Ontario’s property assessment and taxation system over the next couple of years in order to ensure the “accuracy, transparency, and fairness” of property assessments issued by the Municipal Property Assessments Corporation (MPAC). See the MPAC announcement here.
This will mean that the new assessments, when they eventually arrive, will incorporate at least 8 years of property price increases, which is likely to cause some consternation, but GBA will provide information at that time which should help alleviate any concerns. In the meantime, municipalities and MPAC will still be working off 2016 values.
Sponsored by: