Municipal Property Assessments Coming Early in Mississauga
Published May 5, 2016 at 2:18 pm
If you’re a property owner, you can expect to receive your Property Assessment Notice a little earlier this year.
Yesterday at General Committee, the municipal property assessment corporation (MPAC) announced that assessments will be mailed out to homeowners starting on May 16.
As to whether or not the change should alarm you — or rather, whether it might be an ominous warning of a property tax hike — it looks like you can rest easy for now.
“An increase in assessment does not necessarily mean an increase in property taxes and the City of Mississauga does not benefit financially from reassessment,” said Connie Mesih, Director, Revenue and Material Management, in a press release. “Tax rates are adjusted to offset assessment value changes and to ensure the city does not receive a windfall gain as a result of an increase in assessment.”
This year, MPAC will be updating the assessed values of every property in the province. All properties will have a legislated valuation date of January 1, 2016 and the assessments will be used to calculate property taxes for 2017-2020. If you’re looking for some good news, you might be pleased to know that MPAC says that assessed values of residential properties in the city have increased about 6.8 per cent between 2016 and 2017. That said, this could signify a change in fees, albeit not a significant one.
“If a property owner’s assessment increase is in line with the average assessment increase, property owners will see minimal change on their tax bill due to reassessment,” added Mesih.
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As for how the properties are assessed, MPAC looks at sales and compares like properties that have sold in a particular area.
If you’re waiting on the last of your tax bills for this year, you can expect to receive those baby blue prizes sometime in June (they’re being mailed out on June 9-10).
To learn more, click here and here.
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