Property Taxation – More info

Here’s what you need to know about what you pay and why:

Your property taxes are affected by:

  • the education tax rate (set by the Province)
  • the municipal budget (established by your Municipality)
  • the municipal tax rate (set by your City/Municipality)
  • your property’s assessed value (determined by MPAC).

What can you do about your property taxes?
1) Prevent an increase in your municipal tax rate.
Municipal governments across Ontario are currently formulating and approving their annual budgets. Local spending decisions being made NOW will directly affect your property tax bill. Every property owner and resident should be paying attention.
NOTE: the tax bill you are receiving now is based on an INTERIM rate, but this will change, pending municipal budget decisions. Read more about MUNICIPAL BUDGETS and how to get involved in your local budget-setting process…

2) Challenge your MPAC assessed value.
The most recent MPAC notices showing your property’s assessed value at January 1, 2012 will be arriving through November, and will be used to determine the 4-year phased-in assessment values – starting with the 2013 year.

The value to be used in 2013 can be challenged, if you commence that challenge before April 1, 2013. To do so, you must develop a rationale as to why you believe your property has been overvalued as at January 1, 2012 – NOT what may have transpired since. Read more about submitting a “Request for Reconsideration” .

Files from the Ontario Ombudsman on MPAC, and the Ontario Property Tax system

jaymcevansProperty Taxation – More info