Pit and Quarry Property Assessments
Reading your Pit and Quarry Property Assessment Notice
As a property owner in Ontario, you'll receive a Property Assessment Notice for your property as part of a province-wide assessment update or when there has been a change to the value or classification of your property.
The Assessment Review Board (ARB) made a decision impacting the assessment of pit and quarry properties across the province. As a result of this decision, MPAC updated the classification and value of all pit and quarry properties and mailed a Property Assessment Notice to every property owner.
Property Assessment Notices being mailed in November 2023 continue to reflect the value of the property as of January 1, 2016. The assessments will be used by municipalities for the 2024 tax year. Learn how to read your Property Assessment Notice.
On November 16, 2023, MPAC hosted a webinar to share more information about the ARB’s decision and its impact on pit and quarry property assessments. Watch the recording here.
How your pit and quarry property is assessed
Pit and quarry properties are assessed using the cost approach. In this approach, value is determined by two key components: the replacement cost new less depreciation for any structures and the land value.
More details on how your property is assessed
If you’d like to learn more about how we assess pit and quarry properties, our Methodology Guide for Pits and Quarry Properties will be available in the coming weeks.