Resources

The assessment and taxation system in Ontario can be difficult to navigate. We have compiled sample documents, definitions and links which may assist you in understanding the assessment process.  Please reach out if you have any further or more specific questions.

Standard Industry Documents

Assessment can be confusing especially with the Provincial and Municipal governments’ love of acronyms! Take a look at some industry standard document types. It is important to remember that many of these are printed on legal sized paper.

Property Assessment Notice Sample

• Property Assessment Notice Sample Updated
• Property Assessment Change Notice Sample
• PIER
• Rent Roll Sample
• Income and Expense Statement Sample

Where to Learn More

• MPAC
• ARB
• Agricorp

Managed Forest Tax Incentive Program 

• Conservation Land Tax Incentive Program

Glossary

Assessed Value - The value of land and buildings used for taxation.

Assessment Cycle - The legislated time frame (usually four years) applicable to a returned assessment.

Current Value - The amount of money a property would realize if sold by a willing seller to a willing buyer in an arm’s length transaction.

Current Value Assessment - Value of your property during the four year evaluation period. This determines how much tax you pay.

Destination Value - The assessment of the property in the base year. The assessed value will evenly increase (be phased in) until it reaches the destination (final) value over the assessment cycle.

Notarization is the act of signing a given document in the presence of a licensed Notary public.  This has the same effect as swearing to speak the truth under oath in court.

Omitted Assessment - Assessment which has not been previously recorded on the assessment roll. This can be for the current year or up to two additional previous years, if applicable.

Phased in Values - A yearly increase of the assessed value of the property from the previous base year to reach the final “destination” value for the present base year.

Property Class - One of seven standard classes of property used for assessment and taxation

• Managed Forest
• Farm
• Pipeline
• Industrial
• Commercial
• Multi-residential
• Residential

Supplementary Assessment - A change to the assessment due to renovations, new construction or a change in the property’s exempt status.

Tax Rate - The municipality assigns a percentage based on the type of property (tax class). Tax rate remains fixed and is set annually. It cannot be appealed.

Tax Year - The calendar year.

Valuation Date/Base Year - The date that the property’s value is determined. This ‘snapshot’ of the value of the property is phased in over the assessment cycle. For 2017-2022, the valuation date is January 1, 2016.