Assessments will be mailed to Mississauga residential property owners starting on May 16 and property owners have been asked to carefully review and understand their Property Assessment Notices.
“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. “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.”
Every four years MPAC conducts a province-wide Assessment Update and mails Property Assessment Notices to every property owner in Ontario. This year, MPAC will be updating the assessed values of every property in Ontario. All properties will have a legislated valuation date of January 1, 2016. MPAC looks at sales and compares like properties that have sold in a particular area.
The Property Assessment Notices will be used to calculate property taxes for the 2017-2020 property tax years. According to MPAC, assessed values of residential properties in Mississauga have increased an average of 6.8 per cent between 2016 and 2017. “If a property owners 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.
The final Mississauga tax bills for 2016 use the 2012 assessment values and will be mailed out on June 9 and June 10. For more information visit the City of Mississauga Taxes and Assessment website.
Equal reassessments = same taxes
Varying reassessments = potential tax change
Service cost increase = everyone pays more
Property owners can visit aboutmyproperty.ca to learn more about residential market trends in their area and how their property was assessed. By using the Roll Number and unique Access Key on their Property Assessment Notice, they can also see the information MPAC has on file for their property and compare it to others in their area.
Property assessment information is provided to your municipality for property tax purposes. Property owners can also learn more about the relationship between property assessment and taxation through aboutmyproperty.ca.
MPAC’s province-wide Assessment Updates of property values have exceeded international standards of accuracy. MPAC’s property values and data are also used by banks, insurance companies and the real estate industry. – CINEWS