MPAC Assessments Distributed

Last week MPAC mailed out nearly 900,000 property assessment notices in Ontario where ownership, registration or property status may have recently changed. Usually, the provincial corporation re-assesses the value of every property in Ontario on a four year cycle. However, the Provincial Government recently announced that unless there were changes, the 2016 assessments would continue to be used in 2022 and 2023.

The reassessment delay is something for all Willowdale property owners to watch. By law, the City of Toronto uses MPAC assessments to calculate property tax bills. In 2016, Willowdale property values had jumped significantly over the previous assessment cycle, causing significant tax increases for most. Since 2016, the average increase of Willowdale homes has fallen below the City average, meaning property owners may see a City tax reduction when properties are finally re-assessed, assuming these trends hold through 2023.

For more information on the 2021 MPAC assessment update, click here.