Zoocasa
Sold Prices
Map
Market Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Zoocasa
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Home Expert advice

Ontario Property Taxes and Value Assessments: A Comprehensive Guide for Homeowners in 2024

Georgia Nevison by Georgia Nevison
November 9, 2023
in Expert advice, Ontario, Taxes
Reading Time: 4 mins read
Share
Tweet
Share
0 Shares

As we approach the year 2024, homeowners and prospective property buyers in Ontario are facing an impending change that may have a significant impact on their financial planning. The property assessments, which are the basis for calculating property taxes, have not been updated since 2016.

Enjoying our content? Subscribe to our free weekly newsletter to get real estate market insights, news, and reports straight to your inbox.

The Background

The COVID-19 pandemic brought about various changes and delays to just about everything, and Ontario’s property assessment was no exception. To adapt to the circumstances during the pandemic, the Ontario government postponed the 2020 assessment update. As a result, property assessments for the 2023 and 2024 property tax years will be based on the fully phased-in January 1, 2016 current values. This decision allowed the government to extend the postponement of a province-wide reassessment through the end of the 2021-2024 assessment cycle.

  • Read: Property Tax FAQ – What you need to know when buying a home

The 2016 Benchmark

In 2016, the Ontario government mailed a Property Assessment Notice to every property owner in the province. This notice reflected the assessed value and classification of each property as of January 1, 2016. Remarkably, this benchmark will serve as the foundation for calculating property taxes for 2023 and 2024. So, what does this mean for homeowners?

If you were a property owner in 2016, you may wonder how the property’s value from seven years ago is relevant to your current tax bill. It’s a valid concern, as property values can fluctuate significantly over time. The answer lies in understanding that the 2016 benchmark as a snapshot in time, serving as a reference point. However, prepare yourself for a possible and maybe even significant increase on the next assessment. 

Ongoing Property Review

The Municipal Property Assessment Corporation (MPAC) continues to review properties during non-assessment update years. Even though the 2016 benchmark serves as the starting point, many factors prompt a reassessment. According to MPAC, these changes could include:

  1. Change in Property Ownership or Legal Description: If there has been a change in the legal ownership of your property, meaning you bought and/or sold, you might receive a notice from MPAC.
  2. Value Changes from Appeals: If you’ve previously filed a request for reconsideration or had an assessment review board decision, and it resulted in a change to your property’s assessed value, this will be reflected in your assessment.
  3. Structural Changes: Any additions, renovations, or demolition of structures on your property can impact your assessment. A new structure, the removal of an old one, or significant modifications will be considered.
  4. Classification or Tax Liability Changes: If the classification of your property changes, it can affect your tax liability. Understanding the classification of your property is crucial as it determines your property tax rate.
  • Read: Cities with the highest and lowest property tax rates

What to Expect in 2024

As 2024 fast approaches, it’s essential for homeowners to be aware of these factors. With the 2016 benchmark serving as the base, any property changes made since then can lead to increases in your property assessment. 

Property taxes are also influenced by municipal budgets and tax rates, which can fluctuate from year to year. Understanding your property assessment is a vital step in the process, as it allows you to make informed decisions about your financial planning and property ownership.

If you’re a prospective buyer entering the market in the coming months, this information is equally important for you. When considering a property purchase, it’s vital to understand not only the property’s current value but also its potential for changes in the near future.

By being proactive and understanding the factors that affect property assessments, homeowners can plan and prepare for any changes that may come their way. Whether you’re a current homeowner or a future property buyer, knowledge is your greatest ally in navigating Ontario’s property assessment system, be prepared. 

Questions about the real estate market?
Contact us today to talk to a Realtor in your area
Previous Post

A Fairytale Estate: Discover a Castle Located in Vaughan

Next Post

For Agents, By Agents: How to Build Your Brand and Stand Out as a Real Estate Agent

Georgia Nevison

Georgia Nevison

Georgia Nevison is a creative marketing professional with a passion and experience for renovating and designing unique spaces within residential real estate. As a Zoocasa blog contributor, Georgia enjoys sharing her tips on how to find the right home and make it your own whether that be in a pre-construction condo or a freehold home. Growing up in a family surrounded by real estate agents, contractors and developers, its no wonder she found herself in the real estate industry. Georgia has finally completed and is now enjoying her recent home renovation in Leslieville, which was featured in Toronto Life. In her free time she’s often browsing new listings, dreaming up her next renovation project of her own or a lucky friend.

Related Posts

A woman sitting on a bed, looking relaxed, with a fan blowing gently beside her.
Expert advice

How to Keep Your Bed Cool in the Summer and Sleep Through the Heat

July 25, 2025
Condo balcony overlooking the water
Affordability Reports

Canada’s Hottest Condo Market of the Last Decade Might Surprise You (It’s Not Toronto or Vancouver)

July 7, 2025
Two model homes, a residential lease agreement and a pair of keys.
Expert advice

How to Break a Lease Under Canadian Rental Laws

July 6, 2025

Blog Search

No Result
View All Result

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

Recent Articles

Tour 10 of the Craziest Houses for Sale in the U.S. Right Now

July 26, 2025
A woman sitting on a bed, looking relaxed, with a fan blowing gently beside her.

How to Keep Your Bed Cool in the Summer and Sleep Through the Heat

July 25, 2025

8 Best Malls in the GTA to Beat the Heat This Summer 

July 24, 2025
mountains, cherry blossom and vancouver skyline

6 Moments That Made Vancouver’s Market the Real Estate Rollercoaster Ride of a Decade 

July 23, 2025

Featured Listings

A black house perched on a rocky hill, surrounded by a clear blue sky and distant mountains.

Discover Canada’s Most Unique Homes: 14 Can’t-Miss Properties

July 17, 2025

6 Best Cities for Affordable Luxury Homes in Canada Under $1M

July 10, 2025

5 Canadian Cottage Regions That Make the Perfect U.S. Buyer Getaway 

June 15, 2025

From Skyline Views to Private Escapes: 5 Luxe Calgary Homes for Sale

June 10, 2025
first-time home buyer programs and rebates

Social Media

250 The Esplanade Suite 408 Toronto, ON M5A 4J5

Stay Connected

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
No Result
View All Result

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.