Property assessment freeze lifted

The end of a three-year assessment freeze could mean homeowners in some parts of the province may face double-digit hikes in property taxes. The provincial assessment freeze ended on January 1^st,2008. However, the Ontario government says it plans to spread out any assessment increases over the next four years.

Home owners can expect to receive a revised brochure that will be sent out with the reassessment notice, which mentions how important it is that MPAC’s information be accurate and urges people to report any inaccuracies. It tells the home owner clearly how they can review their assessment and look at up to 24 property comparables, through a section of its Web site called “About My Property.” It also stresses: “If an error has been made, we will correct it. We are also happy to explain how we arrived at your assessed value and answer any questions.” Finally, it explains all the various ways you can complain about or challenge your assessment. In addition, the MPAC Web site now offers a lot more information about how properties are evaluated, and has posted many of its procedures online.

The revised assessment process is under way and property owners will be receiving their assessments in August and September of this year. Current property taxes are based on market value assessments conducted by MPAC for January 1, 2005, and are determined by comparisons with the average city property value. If the estimated value of a property increases at a rate below the city average, the homeowner's property tax will decrease. If property value increases at a rate above the city average, the tax will increase. The reassessed values, with a valuation date of January 1, 2008, will apply to the tax years 2009 through 2012.