Ford government defers property value re-assessment again for 2022 and 2023

The Ford government postponed MPAC’s property assessment for 2022 and 2023 in its 2021 Fall Economic Statement (Ontario Economic Outlook and Fiscal Review) “Build Ontario” to prioritize “maintaining stability for taxpayers and municipalities”.

Enhancing Assessment Accuracy and Stability
Providing Continued Stability

As announced in the March 2020 Economic and Fiscal Update and the 2021 Budget, the reassessments that were scheduled to be conducted for the 2021 and 2022 tax years were postponed. This provided much-needed stability and certainty to residents and businesses, and it enabled municipalities to focus on responding to the challenges posed by the COVID-19 pandemic.

Input regarding the timing and valuation date for the next reassessment has been sought through the Property Assessment and Taxation Review. During these consultations, the government heard a wide range of views expressed by municipal and taxpayer representatives.

The government has considered the advice that was received and has concluded that the priority is maintaining stability for taxpayers and municipalities at this time. As such, property assessments for the 2022 and 2023 tax years will continue to be based on the same valuation date that was used for 2021.

The input that has been received during the review will help to inform decisions regarding future reassessments. The government remains open to receiving further advice related to property assessment accuracy and stability.

Enhancing Stability and Legislative Clarity

During the consultations, input was received on a number of broad issues related to the accuracy and stability of property assessments. Two key examples relate to the importance of productive and effective information exchange between MPAC and business property owners, and concerns about the potential impact of speculative sales activity. The government is examining possible approaches to respond to this input.

In addition to discussions related to broader property assessment issues, some advice was focused on specific property types.