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ARTICLE · 15 DECEMBER 2008

Property Tax Advisory

Borden Ladner Gervais LLP
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Ontario’s Municipal Property Assessment Corporation (MPAC) has completed its reassessment of all real property in Ontario which will take effect on January 1, 2009.

CanadaReal Estate and Construction
Stephen Longo
Stephen Longo
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Ontario's Municipal Property Assessment Corporation (MPAC) has completed its reassessment of all real property in Ontario which will take effect on January 1, 2009.

There have been legislative changes enacted by the Province affecting both business and residential properties. This Advisory focuses on the changes affecting business properties only.

The New Assessment Cycle

All real property in Ontario has been reassessed using a 2008 "base year". This new value will form the basis of the assessed value of property for the taxation years 2009-2012 inclusive. Any increases in assessed value will be phased-in over the next four years by 25% of the increase in value each year. In other words, if the new assessed value of a property is $1,000,000 and the previous assessed value was $800,000, the assessed value of the property will be $850,000 in 2009, $900,000 in 2010, $950,000 in 2011 and $1,000,000 in 2012.

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