TORONTO — The Municipal Property Assessment Corporation (MPAC) in Ontario has delivered property assessment rolls to municipalities across Ontario reflecting the construction of more than 44,000 new residential units and 2,000 new commercial buildings across Ontario in the past year.
The total value of new construction and additions to existing properties for 2019 has been estimated at $37 billion.
The assessment rolls have an estimated total value of $2.96 trillion, stated a Dec. 11 release. The assessment rolls, delivered annually to municipalities and the Province of Ontario, support the calculation of property and education taxes for the 2020 property tax year.
The total number of properties on the assessment roll is 5,360,528.
“Ontario continues to grow. In 2019, MPAC added value to municipal assessment rolls from new construction and/or additions to existing properties worth more than $37 billion,” said Nicole McNeill, president and CAO of MPAC.
New assessment refers to new construction and/or additions to existing property that have been recently completed and assessed during the year, the statement said.
MPAC updates the current value assessment of every property in Ontario every four years to capture changes to properties and the real estate market. The next provincial assessment update will take place in 2020 based on a Jan. 1, 2019 valuation date.
While 2019 is not a province-wide assessment update year, MPAC reviews properties and updates property information regularly to return an accurate assessment roll each year, the release explained.
In November, MPAC mailed more than 800,000 notices to property owners reflecting changes in assessment that have taken place over the last year.
An MPAC evaluation of assessment value by property type and value found there were 4,833,059 residential properties, valued at $2,125.53 billion; 222,043 farms valued at $139.09 billion; 161,956 commercial properties worth $319.83 billion; 79,358 industrial properties valued at $114.91 billion; 47,317 “special/exempt” properties worth $144.92 billion; and 16,795 multi-residential properties valued at $119.17 billion.