The Ford government filed a regulation to amend the Assessment Act, extending the postponement of a province-wide reassessment through the end of the 2021-2024 assessment cycle. Property assessments for the 2026 property tax year will continue to be based on fully phased-in January 1, 2016 current values.
The Ontario Minister of Finance wrote a letter to the Association of Municipalities of Ontario that it was again postponing the province-wide reassessment for 2024 to enable it to conduct a review focusing on “fairness, affordability and business competitiveness” in order “to enhance the transparency and equity of future assessments.”
As we determine next steps on property tax reassessments, we need to balance the need to support people during a time of high cost of living and ensuring property assessment information is up-to-date.
As a first step, our government will conduct a review of the property assessment and taxation system that will focus on fairness, affordability and business competitiveness. This will also include exploring modernized administration tools to provide support to municipalities with ongoing assessment base management and increased access to data, to enhance the transparency and equity of future assessments.
In order to maintain stability for taxpayers, we will continue to defer property reassessments until our work is complete
Ontario Minister of Finance Peter Bethlenfalvy
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