PICKERING, ON, Dec. 11, 2019 /CNW/ - Today, the Municipal Property Assessment Corporation (MPAC) delivered assessment rolls to municipalities across Ontario with an estimated value of $2.96 trillion. The assessment rolls, delivered annually to municipalities and the Province of Ontario, support the calculation of property and education taxes for the 2020 property tax year.
"Ontario continues to grow. In 2019, MPAC added value to municipal assessment rolls from new construction and/or additions to existing properties worth more than $37 billion. This includes the more than 44,000 new residential units and 2,000 new commercial buildings across Ontario," says Nicole McNeill, President & Chief Administrative Officer.
MPAC updates the current value 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.
While 2019 is not a province-wide Assessment Update year, MPAC reviews properties and updates property information regularly 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.
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 2019 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 $2.96 trillion in property value. Our assessments provide the foundation that municipalities use to base the property taxes needed to pay for community services.
SOURCE Municipal Property Assessment Corporation
For further information: Media Contact: Paula Chung, [email protected]; Customer Inquiries, 1 866 296-6722, TTY 1 877 889-6722