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Get My Free Estimate →Ontario property assessments are still based on 1 January 2016 values. The 2020 reassessment was postponed and the postponement was extended by regulation in August 2023; MPAC states that assessments for the 2026 tax year continue to use fully phased-in 2016 values. No government has announced when the next reassessment happens. Your bill is the assessed value multiplied by the combined municipal rate plus the education rate, which for 2026 is 0.153 per cent province-wide. MPAC sets values, not rates, and does not send tax bills. Because municipalities set the rate to raise a budgeted amount, your assessment only matters relative to comparable properties. To dispute it, file a Request for Reconsideration: 31 March of the taxation year, or 120 days from the issuance date on a supplementary or omitted assessment.
Your property assessment says one number and your house is worth another, and the gap is now large enough that buyers routinely mistake one for the other. The reason is simple and almost nobody states it plainly: Ontario assessments are still based on what property was worth on 1 January 2016, and no government has said when that changes.
The valuation date
MPAC, in its own words: “Due to the COVID-19 pandemic, the Ontario government has postponed the 2020 Assessment Update. On August 16, 2023, the Ontario government filed a regulation to amend the Assessment Act, extending the postponement of a province-wide reassessment through the end of the 2021-2024 assessment cycle. Property assessments for the 2026 property tax year will continue to be based on fully phased-in January 1, 2016 current values.”
The Ontario Ministry of Finance says the same thing more briefly: assessments are based on current value “as of a legislated valuation date, which is currently January 1, 2016”.
When does the next reassessment happen? Nobody has said. I looked on mpac.ca and ontario.ca and there is no announced valuation date and no announced year. The clearest statement I found is from the City of Mississauga: the Province “paused the 2020 reassessment and has not yet announced a new timeline.” The original cycle was four years. We are now six years past that. If anyone tells you the next reassessment is in a particular year, ask them where they read it.
What that means for a buyer
An assessed value on a listing is a 2016 figure. It is not an appraisal, it is not a market value, and the ratio between the two varies enormously by neighbourhood, by property type and by what has been done to the building since. A condominium in Humber Bay Shores and a bungalow in Alderwood can have wildly different assessment-to-price ratios and both be perfectly correct.
Treating an assessed value as a valuation is one of the more expensive mistakes an unrepresented buyer makes. It is a decade-old number kept alive for a tax formula, not an opinion about what the property is worth today.
How the tax bill is actually built
The formula, from the Ontario Ministry of Finance: property taxes are calculated using the Current Value Assessment as determined by MPAC, “multiplying it by the combined municipal tax rate and education property tax rates for the applicable class of property.”
| Component | Who sets it | Note |
|---|---|---|
| Current Value Assessment (CVA) | MPAC | A legislated concept tied to a legislated valuation date. Currently 1 January 2016. |
| Municipal tax rate | The municipality | In a two-tier municipality this is two rates added together — the lower tier and the upper tier. Mississauga plus Peel. Toronto is single tier, so there is only one. |
| Education tax rate | The Minister of Finance, under O. Reg. 400/98 | For 2026, 0.153 per cent of assessed value for residential property. Identical everywhere in Ontario. |
MPAC does not set tax rates and does not send tax bills. It determines assessed value and property class, and nothing else. Ontario: “Your local municipality is responsible for the preparation of your tax bill.” MPAC’s own page puts it in capitals: an assessment notice is NOT a tax bill. Complaining to MPAC about a rate increase, or to the City about a valuation, sends you to the wrong place.
Note also that the education rate is provincial, not set by a school board. It is the same 0.153 per cent in Etobicoke, Mississauga, Markham and Kenora.
The part that changes how you should think about your assessment
Rising assessments do not, by themselves, raise municipal revenue. The City of Mississauga says it outright: “Even if the property assessment values go up, it doesn’t mean the City makes more revenue. This is because the tax rate is adjusted to make sure the City only collects tax revenue determined through the budget process.”
The municipality decides how much money it needs, then sets a rate that raises it across the total assessment base. So your assessment matters relative to other properties in the same municipality, not in absolute terms. If every assessment in the city doubled overnight, the rate would halve and your bill would be unchanged.
Which means the useful question about your assessment is never “is this what my house is worth?” It is “is this fair against comparable properties on my street?”
Phase-in, and why it is currently doing nothing
MPAC phases assessment increases in over four equal annual instalments across a cycle. Decreases are applied immediately and in full — there is no phase-in on the way down.
But MPAC describes the 2016 values as fully phased-in, and no new valuation date has been set. So for a typical unchanged residential property, phase-in is not currently moving anyone’s bill. It is a real mechanism that will matter again at the next reassessment. Written about in the present tense, as several guides do, it just confuses people.
If you think the assessment is wrong: the Request for Reconsideration
It is free, and for residential property it is a mandatory first step. MPAC: “if your property, or a portion of it, is classified as residential, farm or managed forests, you must first file a Request for Reconsideration with MPAC before you are eligible to appeal to the Assessment Review Board.”
| Stage | Deadline | Source |
|---|---|---|
| Request for Reconsideration, ordinary year | 31 March of the taxation year | Assessment Act, s. 39.1(1.1) |
| Request for Reconsideration, supplementary or omitted assessment | 120 days after the issuance date on the notice | Assessment Act, s. 39.1(3) |
| Request for Reconsideration, first year of a general reassessment | 120 days after the issuance date on the notice | Assessment Act, s. 39.1(1.2) |
| MPAC must respond within | 180 days, extendable to 240 on notice | Assessment Act, s. 39.1(7) |
| Appeal to the Assessment Review Board | 90 days from the date MPAC issues its result | MPAC |
The 120-day one is the deadline that will actually catch you. A supplementary or omitted assessment is what arrives after a new build is completed or a newly registered condominium unit is first assessed — exactly the situation a lot of buyers on The Queensway and in Humber Bay are in. It runs from the issuance date on the notice, not from 31 March, and 120 days goes quickly when the notice arrives in a pile of closing paperwork.
MPAC itself will not give you a date: it says only that the deadline is printed on your Property Assessment Notice. The dates above come from the Assessment Act. MPAC also currently carries a notice that it is experiencing delays responding to some requests, so the 180-day statutory clock is worth knowing about.
One drafting point: the Act was amended in 2025 to replace “mailing date” with “issuance date”. If you are working from older material that refers to a mailing date, update it.
What to actually do with all this
- Never read an assessed value as a market value. It is a 2016 figure.
- Check your assessment against your neighbours’, not against your own sense of value. Relative fairness is the only thing that affects your bill.
- If you have just closed on a new build or a newly registered condominium, watch for a supplementary assessment notice and diarise 120 days from its issuance date.
- Ask the seller for the actual current tax bill rather than estimating from a rule of thumb. It is the single most reliable figure available and it takes one email.
Just closed on a new build or a newly registered condo?
That supplementary assessment notice is coming, and the 120-day clock starts on its issuance date rather than in the spring. If you want a second pair of eyes on whether the assessment looks right against comparable units in the building, send it to me. It costs you nothing and it is the sort of thing that is easy to miss in the pile.
connect@jatindua.com · 437-987-1925 · Book a free consultation
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Frequently asked questions
Why is my property assessment so much lower than my home is worth?
Because it is a 1 January 2016 valuation. The 2020 province-wide reassessment was postponed, the postponement was extended by regulation on 16 August 2023, and MPAC states that assessments for the 2026 property tax year continue to be based on fully phased-in 2016 current values.
When is the next Ontario reassessment?
No government source states a date. MPAC’s assessment cycle page says nothing beyond the 2026 tax year, and there is no announced valuation date on ontario.ca. The City of Mississauga puts it plainly: the Province “has not yet announced a new timeline.” Anyone giving you a year is guessing.
How is my property tax calculated?
Current Value Assessment multiplied by the combined municipal tax rate plus the education tax rate. In a two-tier municipality such as Mississauga the municipal rate is itself two rates added together, the City’s and the Region’s. Toronto is single tier. The education rate is set provincially under O. Reg. 400/98 and is 0.153 per cent for residential property in 2026.
Does MPAC set my tax rate?
No. MPAC determines assessed value and property class only. Your municipality sets the rate and prepares the bill. MPAC states that an assessment notice is not a tax bill.
If my assessment goes up, does the city collect more money?
Not automatically. Municipalities set the rate to raise the amount determined through the budget process, so a general rise in assessments is offset by a lower rate. What matters is your assessment relative to other properties in the same municipality, not its absolute level.
How do I dispute my assessment?
File a Request for Reconsideration with MPAC. It is free, and for residential, farm and managed forest properties it is a mandatory first step before appealing to the Assessment Review Board. The deadline is 31 March of the taxation year, or 120 days after the issuance date on a supplementary or omitted assessment notice. MPAC must respond within 180 days, extendable to 240.
What is a supplementary assessment and why does it matter?
It is the assessment issued after a new build is completed or a newly registered condominium unit is first assessed. Its Request for Reconsideration deadline is 120 days from the issuance date on the notice, not 31 March, and it arrives in the middle of closing paperwork. This is the deadline new-build buyers most often miss.
Is phase-in affecting my bill right now?
Almost certainly not. MPAC phases increases in over four equal annual instalments and applies decreases immediately, but it describes the 2016 values as fully phased in, and no new valuation date has been set. Phase-in will matter again at the next reassessment.
Related reading
- Etobicoke or Mississauga: what crossing that border costs
- Toronto Vacant Home Tax: the buyer can be left holding it
- Comparing Etobicoke maintenance fees
Sources
Every figure on this page traces to one of these, and each was read on 30 August 2026. Primary sources only — statute, regulation, and the government or agency that administers the rule. Where I could not verify something from a primary source, the page says so instead of guessing.
- The assessment cycle. Municipal Property Assessment Corporation. Property assessments for the 2026 property tax year continue to be based on fully phased-in 1 January 2016 current values. Accessed 30 August 2026.
- Request for Reconsideration. Municipal Property Assessment Corporation. Free, and a mandatory first step for residential, farm and managed forest properties before an appeal to the Assessment Review Board. Accessed 30 August 2026.
- How phase-in works. Municipal Property Assessment Corporation. Increases are phased in over four equal annual instalments; decreases apply immediately and in full. Accessed 30 August 2026.
- Property tax. Ontario Ministry of Finance. Property tax has a municipal portion and an education portion; the education rate is set by the Minister under O. Reg. 400/98. Accessed 30 August 2026.
- Assessment Act, R.S.O. 1990, c. A.31. e-Laws. Section 39.1 sets the Request for Reconsideration deadline at 31 March of the taxation year, or 120 days after the issuance date on a supplementary or omitted assessment notice. Accessed 30 August 2026.
- O. Reg. 400/98 — Tax Matters: Rates for School Purposes. e-Laws. For 2026 the education tax rate for residential property is prescribed at 0.153 per cent of assessed value, province-wide. Accessed 30 August 2026.
- City of Mississauga — property taxes. City of Mississauga. The combined rate is the City rate plus the Region rate plus the provincial education rate. No land transfer tax appears among the City’s taxes. Accessed 30 August 2026.
About the author — Jatin Dua, Etobicoke real estate agent
I’m the Broker of Record at RE/MAX Quantum Realty, 799 The Queensway in Etobicoke. I write these pages the same way I work a file: read the primary source, quote it, date it, and say plainly where the source is silent or where two sources disagree. If a figure on this page has no citation beside it, that is a mistake and I want to hear about it.
I work with buyers, sellers, renters and investors across Etobicoke, Mimico, Humber Bay Shores, New Toronto, Long Branch, Alderwood and Stonegate–Queensway. connect@jatindua.com or 437-987-1925.