Property Tax Re-assessment for 2022 Postponed (again)!

We previously reported that on March 25, 2020, the Ontario government announced that it had postponed the planned Province-wide property tax re-assessment, which was supposed to take place at the end of 2020, for the 2021 taxation year. This meant that the 2016 CVAs that were in place in 2020 continued to be used as the assessments for taxation in 2021. The postponement was intended to “provide stability for Ontario’s property taxpayers and municipalities.” It was expected that the Province-wide tax re-assessment would therefore happen later this year, to be in effect for the 2022 taxation year.

This is no longer the case.

On March 24, 2021, the Ontario government announced its decision to once again postpone the property tax re-assessment, in order to provide continued stability for its constituents. As there will be no re-assessment for 2022, property assessments for the 2022 property tax year will continue to be based on January 1, 2016 CVA. This means your property assessment will be the same in 2022 as it was in 2021, unless there have been changes to your property.

Should you have any questions about any of the matters discussed, please contact me, Melissa Muskat, at either mmuskat@mindengross.com or at 416.369.4313.