Tax Alert | 2024 Ontario Property Assessment Notices

Ontario’s Municipal Property Assessment Corporation (MPAC) has mailed Notices of Assessment to certain taxpayers, and the property valuation assessed in those notices will be used by municipalities for the 2024 tax year. Despite a deferred general reassessment in the province, property owners may receive an assessment notice showing changes in their property’s value.

Changes Prompting a Notice of Assessment

You should expect to receive an assessment notice if your property is new or has undergone any of the following changes:

• An ownership update, such as a name change, citizenship update, new mailing address, or change in school board support;
• Renovations or other improvements that may affect the property’s value;
• A change to the property’s tax classification, which may be due to a change in use;
• A change in the liability for tax in respect of the property; or
• An update to lot dimensions, legal description, property location, occupancy, or taxable tenant(s).

Property assessment notices for 2024 will continue to reflect the value of the property as of January 1, 2016.

Can I Appeal the Value?

Each year in Ontario, property owners and tenants can challenge their assessment by filing either a Request for Reconsideration (“RFR”) or an appeal. The deadline to file a request or appeal for the 2024 tax year is April 2, 2024.

What If I Did Not Receive an Updated Assessment Notice?

Many Ontario property owners are currently going into an unprecedented eighth year with no reassessment. Whether you have ongoing appeals, appeals that have been settled, or have not previously appealed a property’s valuation, you could still benefit from a thorough review of your assessment in this extended cycle.

Our team of professionals in Ontario has more than 40 years of experience in reviewing and challenging property tax assessments for all industries in the province, and we can advise and assist you with a potential RFR or appeal.

If you have any questions or concerns about your updated property assessment, or to discuss your current situation, please contact your Ryan representative or reach out using the form below.