Current Value Assessment

A property’s assessment represents its valuation for the purposes of municipal and educational taxation.

Property assessment is based upon its “current value” which is measured as the price that would be paid by a willing buyer to a willing seller in an arm’s length transaction.

Property is assessed on the basis of its current value on specific valuation dates as identified in the Assessment Act. This brings consistency and equity to Ontario’s assessment base. The table below shows the dates on which land will be valued for assessment purposes for taxation years, beginning in 1998:

Taxation Year / Assessed Value

1998 - Current value on June 30, 1996
1999 - Current value on June 30, 1996
2000 - Current value on June 30, 1996
2001 - Current value on June 30, 1999
2002 - Current value on June 30, 1999
2003 - Current value on June 30, 2001
2004 and 2005 - Current value on June 30, 2003
2006, 2007 and 2008 - Current value on January 1, 2005
2009, 2010, 2011 and 2012 - The difference in value from the January 1 2005 value and the January 1, 2008 value phased in over the four year period using equal increments