New assessment forecasts and assessment insights to support municipal planning

We recently delivered customized reports to municipalities, which offer important information for our partners when managing yearly planning and budgeting activities.

The Revised Preliminary New Assessment Forecast identifies $40.9 billion in anticipated growth for this year based on expected new construction, additions, and renovations across Ontario. This revised forecast shows an increase over the Preliminary New Assessment Forecast that we shared in October 2022 that projected over $38.5 billion in growth for 2023.

In addition to the Revised New Assessment Forecast, municipalities received the following two reports:

• The Supplementary and Omitted Assessment Report highlights our commitment to delivering at least 85% of all new assessment within one year of occupancy as part of our Service Level Agreement with Municipalities. We are pleased to report that in 2022, we met this obligation 86% of the time province-wide.
• We also provided a Year End New Assessment Report to every municipality, which compares the anticipated 2022 growth forecast with what was processed during the year. This additional analysis further underscores our commitment to accountability and assessment roll traceability.

We understand that new assessment is a critical source of revenue for municipalities. That is why we are always fine-tuning our processes and exploring new ways to provide timely information to our municipal partners. For example, our collaboration with municipalities to source building permits and plans through digital submissions has been instrumental in helping us capture new assessment sooner.

To keep municipalities informed throughout the year, we also offer updates on new assessment expectations with three quarterly forecasts between April and October. Below is an illustration of our annual reporting and forecasting cycle.

Our next quarterly forecast will be delivered at the end of April and will reflect any changes and new information in relation to anticipated construction and property changes to the end of Q1.

To learn more about your New Assessment Forecast, please contact your MPAC Account Manager. Reports can also be accessed through Municipal Connect Login.