City of Toronto property Assessment Notices in the mail

 

 

“City of Toronto property assessment notices in the mail

This week, property owners in Toronto will begin receiving their 2012 property assessment notices from the Municipal Property Assessment Corporation (MPAC). These notices identify the current value assessment (CVA, or an estimate of the market value of the property) based on a valuation date of January 1, 2012. The notices also identify the CVA that will be used for taxation purposes in each of the 2013-2016 taxation years.

Residential property values have increased by approximately 22.8 per cent in the City of Toronto since 2008. Residential property owners will see an average assessment increase of 5.5 per cent in 2013. The average assessment value of a residential property is $550,000, up from $448,000 based on the previous valuation date at the end of 2012.

Assessment value increases will be phased in over the next four years with one-quarter of the assessment change being applied each year from 2013 to 2016. The full benefit of any property assessment decrease is applied immediately for the 2013 taxation year. Updated assessment values will be reflected on the 2013 final property tax bill.

An increase in a property’s assessed value does not mean that property taxes will be increased. Each year, when property values increase, the City is required by law to reduce its tax rates so that the amount of property taxes collected remains the same Рthe reassessment does not generate any additional revenue for the City.

This means that if a residential property has increased in value at the same rate as the average increase for all other residential properties within the municipality, there is no increase in property taxes arising from the reassessment. Properties that have appreciated at a rate that is higher than the average for the municipality will experience an increase in taxes, whereas a property which appreciates at a rate less than the average will experience a decrease in taxes (exclusive of any budget-related tax impacts).

Any tax impacts arising from re-assessment are completely separate and in addition to any budgetary increases or tax policy changes that Council may adopt for the 2013 tax year. In accordance with provincial legislation, tax impacts associated with the re-assessment are identified separately on the City’s tax bill.

Property owners can verify the property information that was used by MPAC to determine their property assessment at http://www.aboutmyproperty.ca.

If property owners believe their property information or their assessment is incorrect, they may file a Request for Reconsideration, and MPAC will review their assessment free of charge. The deadline to file an appeal is April 1, 2013.

More information is available at

http://www.toronto.ca/taxes/property_tax/assessment.htm.