Association of Municipalities Ontario

3 CIVIL AND MUNICIPAL VOLUME 4, ISSUE 12 ASSOCIAT ION OF MUNICI PAL I T I ES ONTARIO As a result of inaction, our property tax system could also be compromising the province’s economic competitiveness. Ontario considers itself the economic engine of Canada. The province’s largest growth centres generate nearly 25% of the national gross domestic product. To realize its growth plans, the province needs to ensure its property tax system is simple and clear. By continuing to use 2016 property values and not clarifying its intentions for a reassessment, it offers a precarious tax environment where people and businesses do not understand their future property tax liabilities. The resulting It’s time for a property tax reassessment Property taxes are calculated using a current value assessment of a property. During the height of the pandemic – and for good reason – the Ontario government paused reassessing property values. This means that as we approach 2024, municipalities still rely on property values from 2016. In the past seven years, other Canadian provinces will on average have reassessed properties more than six times. After such a long waiting period, reassessment is top of mind for Ontario’s municipalities. However, municipalities aren’t the only ones impacted.