2016 Ontario Municipal Property
HIGHLIGHTS – The 2016 MPAC Reassessment Update
The Municipal Property Assessment Corporation (MPAC) reassesses all properties in the province very four years. the next scheduled reassessment is for the 2017 taxation year, based on values as of January 1, 2016.
For the multi-residential property class (apartment buildings with 7 or more units), all 15, 488 multi-residential properties were reassessed based on their estimated value as of January 1, 2016.
Between 2012 and 2016, the value of all multi-residential apartment buildings in Ontario were calculated to have increased by 28%, which will be phased-in over the next four years in equal instalments of 7% per year.
It is important to remember that an increase in the assessed value of a property does not necessary mean there will be an increase in the amount of property tax paid – this is determined by the tax rate set by each municipality.
Member Resource Links
MPAC – Multi-residential properties
About My Property –
Filing a Request for Reconsideration
Assessment Review Board – Filing an Appeal