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November 13, 2003
Property assessment for the 2004 taxation year
  
During the week of November 10, 2003, the Municipal Property Assessment
Corporation (MPAC) will be mailing newly updated Notices of Assessment to all
property owners in the city of Toronto.

All assessments are based on the estimated market value as at June 30, 2003.
MPAC is a not-for-profit agency established by provincial legislation in 1998
and is responsible for assessing all property in Ontario.

All property classes in Toronto have experienced an increase in value between
the last assessment that was based on a June 30, 2001 valuation date, and the
new June 30, 2003 valuation date. Overall, values in Toronto have increased by
12 per cent between 2001 and 2003.

Average Current Value Assessment (CVA) Changes - 2004 Assessment Update

Property Class: Average % CVA Change
2004 Assessment
(2001 to 2003 Valuation Date)
Residential: 14%
Multi-residential: 15%
Commercial: 4%
Industrial: 10%
All Classes: 12%

An increase in the assessed value of a property does not necessarily mean an
increase in property taxes. Generally, those properties that have increased in
value at a rate greater than the average may experience an increase in taxes,
while those that have appreciated at a rate less than the average may
experience a decrease in taxes.

While Current Value Assessments are determined by MPAC, the amount of taxes
paid by property owners will be determined by the tax rates set by City Council
(municipal tax rate) and the Province (education tax rate). Council and the
Province have not made any decisions regarding tax rates for 2004. Council
will not set final tax rates for the 2004 taxation year until the City's 2004
budget is approved in March/April 2004. Education tax rates are regulated by
the Province and are anticipated to be announced in the spring of 2004.

Media contact:
Cindy Bromley, Finance Communications Manager, 416-392-4993



 

 

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