The Municipal Property Assessment Corporation (MPAC) is an independent, not-for-profit corporation funded by all Ontario municipalities. MPAC's role is to assess the value of your home according to the Assessment Act and other Ontario government regulations.
In 2016, MPAC updated the assessed values of more than five million properties based on a valuation date of January 1, 2016. A valuation date is what your property could have reasonably sold for if bought by a willing buyer from a willing seller as of January 1, 2016.
Learn more about how property assessment and taxation works by viewing the video below.
As part of the province of Ontario's four-year assessment cycle, increases in assessed values will be introduced evenly over the 2017 to 2020 property tax years. Decreases in assessed values will take effect right away. An increase in the assessment value of your home does not necessarily mean there will be an increase in your property taxes for 2017. Residents with property assessments that have increased more than the average may see an impact on their 2017 taxes.
As always, the Town of Newmarket will use the assessment amount to calculate the amount of property taxes you owe. Property taxes help us pay for local programs and services such as fire protection, waste management, roads, sidewalks, public transit, parks and leisure services.
Residential notices were delivered earlier than usual (June 13, 2016) to give you the opportunity to resolve any concerns you may have with your assessment before MPAC provides final information to municipalities to be used for property tax calculations.
You were given 120 days from the issue date on your notice to file a formal request to have your assessment value reviewed – called a Request for Reconsideration. We are now just under three weeks away from the deadline to file a Request for Reconsideration – the deadline is Tuesday, October 11.
Visit MPAC's dedicated assessment website – aboutmyproperty.ca – to learn more about how your property was assessed, see the information MPAC has on file for your home or to file a Request for Reconsideration. These requests will be reviewed free-of-charge by MPAC. A unique password for each property is printed on the assessment notice. Assessment notices for business properties are expected to be issued during October/November.