Peter Bethlenfalvy, Ontario's Minister of Finance takes his leave after speaking to journalists following the release of the 2023 Ontario Economic Outlook and Fiscal Review, at the Queens Park Legislature, in Toronto, Thursday, Nov. 2, 2023.
The Municipal Property Assessment Corporation used to assess every property across Ontario every four years, sharing those values with municipalities so they can determine property and education taxes. But COVID put that process on hold in 2020, and it's not clear when it will begin again.Ontario's last property assessment was in 2016 and there's no date set for the next one. The CBC's Kate Porter explains what that means for tax bills.
Finance Minister Peter Bethlenfalvy speaks to journalists last November. In a letter to concerned stakeholders, Bethenfalvy wrote that Ontarians 'need and deserve predictability in their household budgets' more than ever. "The challenge is trying to explain to someone going back in time to 2016, because it doesn't resonate," said McNeill.
It says its database is a third the size of Netflix's and includes information about every last property in Ontario — some 5.5 million of them. Those include all kinds of properties in local markets that can have very different conditions.Over the past eight years, residential properties across Ontario have increased 94 per cent, MPAC says, while multi-residential buildings increased 104 per cent.
Properties go up by an average, and if every property went up exactly the average, no one would see any change. They would keep paying their same share of the overall tax a city needs to collect.But if you live in an area where your property increases by more than the average, you'll pay more tax. If your place goes up by less than the average, expect to pay less.
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