Q1 New Assessment Forecast shows $41.5 billion
On April 29, MPAC delivered the 2022 Q1 New Assessment Forecast update as required under our Service Level Agreement (SLA) with municipalities. Differing from the 2022 Revised Preliminary New Assessment Forecast that was shared in January, and which identified $40.4 billion in available new assessment, the Q1 update provided an increase of $1.1 billion in new assessment. The result is a revised 2022 total of $41.5 billion of New Assessment across the province.
The Q1 forecast update reflects a 14% increase when measured against the preliminary forecast (October 2021) and a 3% increase when compared to the revised preliminary forecast (January). Much of this added new assessment is attributed to Mplans and Condo development, and additional New Assessment identified within our centralized properties area.
As of May 24th, we have captured over $14 billion in new assessment value. Of the total amount, close to $12.4 billion was captured within 1 year of occupancy, which equates to almost 88%.
MPAC is proud of this record setting pace and will continue to keep municipalities apprised as we work through the course of the year. We know how important new assessment is to create much needed tax revenue to support our municipalities and our communities across Ontario.
To learn more about how MPAC assessment property value, visit our website.