Property Assessment Notices Coming for Ontario Business Owners

PICKERING, Ontario – The Municipal Property Assessment Corporation (MPAC) has mailed Property Assessment Notices to Ontario business property owners. The 2016 Notices will provide the updated assessed value and classification.

MPAC’s role is to accurately assess and classify every property in Ontario every four years. During its province-wide Assessment Update, MPAC determines the Current Value Assessment for all properties. Municipalities use Current Value Assessments to set property tax rates. This year’s province-wide Assessment Update is based on a January 1, 2016 legislated valuation date.

“Business property values reflect the local real estate market and our analysis of the market indicates that most categories of business properties have on average increased in value over the last four years,” said Rose McLean, MPAC’s Vice-President and Chief Operating Officer.

“For instance on average across Ontario, since the last Assessment Update in 2012, the average value of multi-residential properties has increased seven per cent per year, industrial properties three per cent per year, commercial office buildings four per cent per year and neighbourhood shopping centres six per cent per year.”

In preparation for this year’s update of business values, MPAC has made considerable efforts to analyze local markets, review the property data on file and talk to property owners. MPAC has also published a number of methodology guides and other reports to share information about the assessment process.

“We know it’s important to Ontario property owners that we assess and classify their property correctly,” said McLean. “Owners who have questions about their assessment or feel it’s not correct, should contact us so we can work together to get it right.”

MPAC’s assessors are trained experts in the field of valuation and apply appraisal industry standards and best practices. MPAC’s assessments and data are also used by banks, insurance companies and the real estate industry.

Business property owners can visit aboutmyproperty.ca to learn more about how their property was assessed and compare it to others in their area. By using the Roll Number and unique Access Key located on the front of their Property Assessment Notice, they can log in to review the detailed information MPAC has on file for their property.

MPAC provides property assessment information to municipalities to set property tax rates. Property owners can learn more about the relationship between property assessment and taxation as well as detailed information about their assessment through aboutmyproperty.ca. Property owners can also contact MPAC at 1 866-296-6722.

About MPAC

The Municipal Property Assessment Corporation (MPAC) is an independent, not-for-profit corporation, responsible for assessing and classifying more than five million properties in Ontario in compliance with the Assessment Act established by the Government of Ontario.

Every four years MPAC conducts a province-wide assessment update to determine the Current Value Assessment for all properties which municipalities use to set property tax rates.

For more information about MPAC visit mpac.ca.