MPAC delivers estimated $2.78 trillion to Ontario assessment rolls
Today, the Municipal Property Assessment Corporation (MPAC) delivered assessment rolls to municipalities across Ontario with an estimated value of $2.78 trillion. The assessment rolls, delivered annually to municipalities and the Province of Ontario, will support the calculation of property and education taxes for the 2019 property tax year.
“We’re proud to be playing a part in strengthening communities across Ontario. In 2018, MPAC delivered more than $38 billion in taxable new assessment to municipalities to help fund the services we all use every day,” said Nicole McNeill, President & Chief Administrative Officer.
New assessment refers to new construction and/or additions to existing property that have not previously been assessed by MPAC. In 2018, MPAC assessed approximately 44,000 new residential units, 2,000 new commercial buildings and 70 new industrial units across Ontario. Almost 70% of this new assessment was in the Greater Golden Horseshoe.
While 2018 is not a province-wide Assessment Update year, MPAC continues to review properties and update property information on a regular basis in order to return an accurate assessment roll each year. In November, MPAC mailed more than 800,000 Notices to property owners reflecting changes in assessment that have taken place over the last year.
MPAC updates the assessment of every property in Ontario every four years to capture changes to properties and the real estate market. The next provincial Assessment Update will take place in 2020 based on a January 1, 2019 valuation date.
To learn more about how your property is assessed and to see the information we have on file, please visit aboutmyproperty.ca.
For more information on MPAC’s 2018 Roll Return, view our Fact Sheet.
The Municipal Property Assessment Corporation (MPAC) is an independent, not-for-profit corporation funded by all Ontario municipalities, accountable to the Province, municipalities and property taxpayers through its 13-member Board of Directors. Our role is to assess and classify all properties in Ontario in compliance with the Assessment Act and regulations set by the Government of Ontario.
We are the largest assessment jurisdiction in North America, assessing and classifying more than five million properties in Ontario, representing $2.78 trillion in property value. Our assessments provide the foundation that municipalities use to base the property taxes needed to pay for community services.
MPAC is committed to providing the media with timely, accurate and comprehensive information about property assessment in Ontario.
For all media inquiries, please contact:
1 866 296-6722
TTY 1 877 889-6722