land transfer tax

Ontario’s new four-year assessment cycle begins

Tuesday, April 5, 2016

Ontario’s Municipal Property Assessment Corporation (MPAC) reports residential property values have increased by 4.5 per cent, on average, across the province since January 2012, but many homeowners in Barrie will see a larger jump. They, along with homeowners in Orillia and surrounding Simcoe County are the first property taxpayers to see the outcome of reassessed property values, launching a new four-year assessment cycle in the province.

MPAC mailed off the first batch of its phased seven-month delivery of assessment notices April 4. Homeowners in Windsor and surrounding Essex County will be the last residential property owners to get the news, in early August, while commercial and multi-residential landlords will have to wait until after Thanksgiving.

This year’s notices will reflect property values as of January 1, 2016. “Most property owners have seen the value of their home increase over the past four years,” says Rose McLean, MPAC’s vice president and chief operating officer.

In Barrie, that equates to an average increase of 6.6 per cent or a typical value of $364,000. Meanwhile, four eastern Ontario counties, the cities of Cornwall and Brockville and towns of Prescott, Gananoque and Smiths Falls are slated for next week’s mailing.

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