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News & opinion

23 OCT 2018

Ironing out the details in Ontario’s tax system

In 2015, the Municipal Property Assessment Corporation (MPAC) introduced a number of changes to its reassessment process in an attempt to make property assessments more transparent and reduce the number of assessments under review with the Assessment Review Board (ARB). In late 2016, the ARB also underwent changes intended to ensure cases would proceed at a more steady pace and reduce backlogs within the cycle.

MPAC’s efforts to educate and engage with stakeholders for the previous roll had mixed results and in launching its 2019 reassessment for the 2021 tax year, it continues to focus on engaging with stakeholders to encourage them to provide the data required to build correct and equitable assessments.

When assessments are found to be inaccurate, it is the municipalities that foot the bill for over payments – thus it is in their interest to ensure assessments are equitable and do not get disputed. As such a big stakeholder, it is in their best interest to participate in the assessment process.

RICS and IPTI 8th Annual Property Tax Seminar

On November 21, I’ll be bringing together a panel that includes all three parties to discuss the 2019 reassessment. The second half of the morning will include a focused discussion on the new board rules from the ARB to create greater clarity on practical problems related to timing of events, disclosure requirements and problems therein, and the relative mystery surrounding the “settlement meeting” and what the Board envisions to occur there, and what needs to be produced in advance. I hope you’ll join me for what promises to be an informative and engaging discussion.

Book your place now

  • Jeff Grad MRICS is president of Equitable Value.

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