What Are MPAC Notices And Should You Be Worried?

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Officially extends the January 1, 2016 current value assessment base year to apply to the 2024 taxation year
Included in the announcement are details that a review of the property assessment and taxation system that will focus on fairness, affordability and business competitiveness, to balance the need to support people during a time of high cost of living and ensuring property assessment information is up-to-date. This could mean drastic changes to the assessment system in Ontario to provide more transparency and equity in the assessment and taxation system.

With all Ontario Municipalities having to bear the burden of a lack of an increase in the assessment base for their budgets, this burden will be placed on property owners to make up this lack of revenue with increased property tax rates, most likely resulting in higher tax rate increases than seen in 2023.


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