This episode explains how MPAC conducts property assessments in Ontario through direct comparison methods, with a focus on residential properties and the factors influencing their value. The assessment cycle operates every four years with a phase-in process for value changes, though the 2020 postponement is still affecting current values. The episode concludes with an overview of how municipalities calculate property taxes based on assessed values, including details about tax rates, dispute processes, and various tax relief programs.
Ciao! Welcome to a new episode of Building Wealth Through Real Estate...Brick by Brick with me, Nico James-Bock, Founder of The CondoWiz™ Group and Broker at Keller Williams Co-Elevation Realty in Toronto.
What Should You Do Next?
- Review your Property Assessment Notice (PAN) carefully. This document details your property's assessed value and property classification.
- Utilize MPAC's AboutMyProperty™ tool. This free online service allows you to compare your assessment to similar homes in your neighbourhood and review the information MPAC has on file for your property.
- Consider filing a Request for Reconsideration (RfR) if you disagree with your assessment. You have a limited window to do this, so act promptly if you believe there's an error.
- Budget for your property taxes. Understand your payment due dates and explore options like pre-authorized payments to avoid penalties.
- Stay informed about municipal and provincial programs. Look into potential tax relief initiatives or deferral programs that may be available.
- Keep MPAC updated on significant changes. If you undertake major renovations or additions, notify them to ensure your property information is accurate.
Links
The Seniors and Persons with a Disability Property Tax Exemption provides financial relief on a portion of a property’s value if improvements were made to a residential home to accommodate a senior (aged 65 or older) or a person with a disability.
City of Toronto Property Tax, Water & Solid Waste Relief
Apply online for the 2025 Property Tax, Water & Solid Waste Relief Program. Deadline to apply is October 31, 2025.
Ciao 😊
Helping you increase wealth through #realestate
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