Four-Year Cycle & Phase-in Program
In the fall of 2012, MPAC mailed a Property Assessment Notice to every property owner in Ontario. The 2012 Notices provided the classification and updated assessed value for property in Ontario based on a legislated valuation date of January 1, 2012.
The last province-wide Assessment Update took place in 2008. In each non-assessment update year, we prepare approximately one million Property Assessment Notices for owners of new properties or properties where a change has taken place.
To provide an additional level of property tax stability and predictability, market increases in assessed value between the January 1, 2008 and January 1, 2012 legislated valuation dates will be phased in over four years (2013-2016). The phased-in values for your property are indicated on your Property Assessment Notice. The phase-in program does not apply to decreases in assessed value, which are applied immediately.
|Assessment Update Year||Valuation Date||Tax Years|
|2008||January 1, 2008||2009, 2010, 2011, 2012|
|2012||January 1, 2012||2013, 2014, 2015, 2016|
Assessment Phase-In Example
|Your property’s value on January 1, 2012||$250,000|
|Your property’s value on January 1, 2008||$220,000|
|Over this four-year period, your property value changed by||$ 30,000|
|Assuming property characteristics stay the same, the property assessment will increase by $7,500 each year.|
|$ 227,500||$ 235,000||$ 242,500||$ 250,000|