Feature Article October 14, 2004
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MPAC gives most people a break for 2005 tax year.
by Jeff Green
For most people in Ontario, there will be something missing from their mailboxes this November. The Municipal Property Assessment Corporation (MPAC) will not be sending out new Property Assessments based on property values as of June this year. For the most part, property values will be left as they were one year earlier.
This is being done, by order of the provincial government, in order to change the date at which properties are valued each year to January 1 from June 30.
Although most property owners will not receive notices, about 1.2 million will. The properties that will be reassessed include those that have been sold in 2004, or have come under MPACs Tenant Information Program or reinspection and reclassification programs, or those that have been changed due to requests for reconsideration or appeal procedures.
In general, as the MPAC summer newsletter states, MPAC will return June 30, 2003 values to municipalities for use in calculating 2005 property taxes.
For most property owners, this means that in 2005, when their township passes its budget, the tax rate increase will be the same as their tax increase for the first time in several years.
Market value increases will be reflected once again in the 2006 taxation year.
