Current Value Assessment
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Frequently Asked Questions Q: What is Current Value Assessment (CVA)? A: In 1998, the Province of Ontario reformed the property assessment legislation in Ontario with the implementation of Current Value Assessment (CVA). Under this new assessment system, all property assessments in Ontario are updated on a regular basis. The CVA of a property represents an estimated market value, or the amount that the property would sell for in an open market, arm's length sale between a willing seller and a willing buyer at a fixed point in time. For the 1998 to 2000 taxation years, property assessments were based on a June 30, 1996 valuation date. For the 2001 and 2002 taxation years, property assessments in Ontario were updated to reflect current values as at June 30, 1999. For the 2003 year, property assessments were updated to reflect current values as of June 30, 2001 valuation date. For 2004, property assessments were based on the June 30, 2003 valuation date. Q: When will the next reassessment occur? A: The 2006 and 2007 assessment updates of properties in Ontario were cancelled. As a result, assessments continue to be based on current value as of January 1, 2005. Municipalities are using the January 1, 2005 values to calculate property taxes for 2006, 2007 and 2008. Education tax rates, which are set by the Provincial Government, are also being applied to the January 1, 2005 assessed value. The chart below illustrates the province-wide assessment update cycle since 1997. |
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Q: Who determines the assessed value (i.e. CVA) of my property? A: The Municipal Property Assessment Corporation (MPAC) is a not for profit corporation responsible for determining the CVA and tax class for all properties in Ontario for municipal and education taxation. In November 2003 MPAC mailed notices of assessment to all Toronto property owners advising them of their new CVA based on a June 30, 2003 valuation date. Q: What do I do if I disagree with the CVA for my property? A: If you do not agree with your assessment: Toll Free number: 1 866 296-MPAC (6722) Access for the Deaf, or Hard of Hearing is available by calling You may also fax us at: 1 866 297-6703 Extended hours for MPAC’s toll-free customer service Please have your 19-digit roll number available when you call. 2. Ask MPAC to review your assessment If you feel your assessed value or classification is not correct, MPAC will review it free of charge. You may request a review any time before December 31, 2008. There are three ways to request a MPAC review: Complete a Request for Reconsideration form. Forms are available at www.mpac.ca If your Request for Reconsideration is successful, MPAC will forward the results directly to the City in order to expedite processing of any tax adjustment. If other information on your Notice of Assessment is inaccurate, such as the assessed owner, location or property description, etc. you may contact MPAC at 1-866-296-6722 (toll free) to verify details about your property. Property owners also have the option of filing a formal appeal with the Assessment Review Board (ARB). The fee for this appeal is $50 for residential properties and $125 for commercial properties. The deadline to file an appeal with the ARB is March 31, 2005. Applications are available by contacting the ARB at 416-314-6900 or by visiting their website at www.arb.gov.on.ca 3. File a Notice of Complaint You may file a Notice of Complaint with the Assessment Review Board (ARB), an independent tribunal of the Ontario Ministry of the Attorney General. Specific application forms and fees are involved, and you will have to appear at a hearing to support your argument. MPAC will also appear at the hearing. A complaint must be filed before March 31, 2008, even if you have already requested a review from MPAC. For more information, contact the ARB toll-free at 1 800 263-3237 or 416 314-6900 or visit www.arb.gov.on.ca
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Property Tax Rates for 2011 inall cities and municipalities
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