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January 24, 2008
MPAC reassessments in the City of Toronto
  
All property in Ontario is assessed by the Municipal Property Assessment Corporation.

Under provincial law reassessment, at the municipal level, is revenue neutral and does not generate any additional revenue for the City. With a reassessment increase, the City must adjust the tax rate to remain revenue neutral, so no new funding comes to the City of Toronto.

If your property value increases at a rate less than the City average, your property tax will decrease due to the reassessment. And if your property value increases at a rate more than the City average, your property tax will increase due to reassessment.

A tax increase to address the City’s budget pressures is not related to reassessments.

Toronto is Canada’s largest city and sixth largest government, and home to a diverse population of about 2.6 million people. It is the economic engine of Canada and one of the greenest and most creative cities in North America. In the past three years, Toronto has won more than 70 awards for quality, innovation and efficiency in delivering public services. Toronto’s government is dedicated to prosperity, opportunity and liveability for all its residents.


Media contact:
Cindy Bromley
Finance and Administration Communications Manager
416-392-4993
cbromley@toronto.ca


 

 

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