And How MPAC Impacts Your Property Taxes
How MPAC Impacts Your Property Taxes
Watch this brief MPAC video that explains more about how your property taxes are calculated.
Your Total Residential Property Taxes=
Your Assessed Property Value X Residential Tax Rate
Every four years, the Municipal Property Assessment Corporation (MPAC) is supposed to update all the property assessment values in Ontario, with the changes phased-in over four years.
As part of the Ontario Government’s Budget on March 24, 2023 the Minister of Finance announced the Province’s decision to once again postpone a province-wide property assessment update due to the pandemic.
Property assessments for the 2023 property tax year will continue to be based on January 1, 2016 property values.
Since 2016 the other nine provinces will on average have reassessed properties more than six times.
On August 19, 2023 the Ontario government announced that it is postponing a provincewide property reassessment indefinitely while it conducts a new review of the accuracy and fairness of the system.
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