MPAC Dates for 2010 Revised Assessments/Tax Classes

November 10th, 2009. 9:30 AM

    MPAC has indicated that they will be issuing any new notices required for the 2010 tax year for changes to value and or tax classes. These are expected to be released on November 13 for the GTA, on November 19 for areas 17, 21 - 32 and November 24 for areas 1-7, 16, 18, 19 and 20. Expect to see these in your area in the days following. For a review of which area your properties fall under, contact your AEC advisor or check the MPAC website.

AEC in the media

November 9th, 2009. 9:30 AM


Ontario

Novermber 4th, 2009. 9:30 AM

As you know, in 2009 the Ontario Provincial Government has enacted some interesting regulations that will impact taxpayers this year and moving forward. Various regulations amended Ontario Regulations 282/98 (an Assessment Act regulation), 73/03 (a Municipal Act regulation) and 121/07 (a City of Toronto Act regulation) as follows:

Phase-In Issues:
As most people are aware, there is now a 4 year phase-in for Ontario properties which have experienced an increase in value due to the 2009 reassessment. For those properties which have experienced a decrease in value, the assessment decrease is implemented immediately and not phased in. If there is a major change in the property (such as a new building constructed on vacant land) within the 2009-2012 phase-in period, a factor called the Municipal Discount Factor will be used to determine the notional assessment (2005 CVA) and starting point for the phase in. If there is a small change to an existing property, such as an addition or renovation, a Property Specific Discount Factor will be applied to the value of the property post improvement. If either the 2005 CVA value or the 2008 CVA change due to an assessment appeal, then the starting point or ending point for the assessment phase-in must “reset” each time.  When determining the results of any actions pertaining to your property, it is important to understand the impact of the phase in calculations and how they can affect the final taxes for the property.
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