On November 2, 2011, the Municipal Property Assessment Corporation (MPAC) will begin delivering Property Assessments Notices to property taxpayers across the province.
The next province-wide Assessment Update will take place in 2012.
In the meantime, changes to properties continue to take place. New homes are constructed, owners renovate, additions are built and properties change use. MPAC is legislated to update this information even during a year when a province-wide Assessment update will not take place.
Some of the most common reasons you may receive a Property Assessment Notice are as follows:
- Change to property Ownership or Legal Description;
- Change to the property’s value, reflecting a change to the property. For example, additions, new structures, removal or destructions of existing structures etc.
To provide an additional level of property tax stability and predictability, if your property tax value does increase, it will do so incrementally over four years through the ‘phase-in program’. The phase-in program does not apply to decreases in assessed value. The change in assessed value and the phased-in assessment values for the 2009 to 2012 property tax years are listed on your notice.
Senior Homeowners’ Property Tax Grant
If you are 64 or older and you own a home, you could qualify to get up to $500 to help with the cost of your property taxes. A brochure describing the new Ontario Senior Homeowners’ Property Tax Grant will be included with your Property Assessment Notice.
Request for Reconsideration (RfR)
If you feel your assessed value is not correct, MPAC will review it free of charge. The deadline to file your (RfR) is April 2, 2012.
If you have any questions or concerns about the Property Assessment Notice you may contact MPAC’S websit at www.mpac.ca or MPAC 1 866 296-MPAC (6722)