Holiday Closure

The OREA office will close for the holidays at 12 p.m. Tuesday, December 24th.  Normal business hours will resume on Thursday, January 2nd.  Happy Holidays!

Holiday Closure

The OREA office will close for the holidays at 12 p.m. Tuesday, December 24th.  Normal business hours will resume on Thursday, January 2nd.  Happy Holidays!

November 8th - 2008

Tax assessments to rise in 2009

Ontario residential property taxpayers will see an average assessment increase of five per cent in 2009, the first year of a four-year phase-in plan.

Ontario residential property taxpayers will see an average assessment increase of five per cent in 2009, the first year of a four-year phase-in plan.
 
“Residential property values have increased by an average of approximately 20 per cent across Ontario since 2005, when the last assessment update was done,” Carl Isenburg, President and Chief Administrative Officer of the Municipal Property Assessment Corporation (MPAC), said.
 
With a four-year phase-in, property taxpayers will see an average assessment increase of five per cent next year.
 
An increase in assessment does not necessarily mean an increase in property taxes. If the assessed value of a home has increased by the same percentage as the average in the municipality, there might be no increase in the property taxes paid by a property taxpayer.
 
The phase-in program does not apply to decreases in assessed value. The full amount of a decrease will be applied during the 2009 tax year.
 
“Our values are based on actual sales and trends in real estate markets across the province,” Isenburg said. Municipalities establish tax rates that are applied to assessed values to pay for local services and the Provincial Government sets rates for the education portion of the tax.
 
Property Assessment notices began arriving in the homes of property taxpayers in mid-September. MPAC expects the mailings to be completed over a ten-week period.
 
Notices get a new look
The Municipal Property Assessment Corporation (MPAC) has redesigned the 2008 Property Assessment Notice to make it easier to read and understand. This year’s Property Assessment Notice will include:

  • The assessed value of the property for each of the next four tax years;
  • The percentage by which the property has increased or decreased in value since the last assessment update in 2005 and the average percentage by which properties across the municipality have changed in value.
  • A history of past adjustments, if any, made by MPAC through the Request for Reconsideration process or the Assessment Review Board to the assessed value of the property and whether these are reflected in the current assessment;
  • Details about the property including lot size, square footage, and year of construction used by MPAC to help determine the assessed value of a property;
  • A User ID and Password that can be used to access AboutMyProperty™;
  • The address of the nearest MPAC local office where questions can be answered and concerns addressed in person; and
  • The toll-free phone number for MPAC’s Customer Contact Centre.

A brochure is mailed with each notice. It explains how property owners can determine if their assessment is accurate and, if they feel it is not, what options are available to have it corrected.
 
Hours will be extended at each of MPAC’s 33 local offices across the province during the notice mailing period this fall, as was done in 2005. For more information, property taxpayers can also call MPAC’s Customer Contact Centre, which can be reached toll-free at 1-866-296-MPAC (6722). 

Share this item

WIRED OFFICE: Find it fast with Google Desktop Green leases make going green easier for commercial buildings

For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Senior Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
Facebook LinkedIn YouTube Instagram

The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

OREA AI Assistant