Property Tax Re-Assessment:
'Welcome to About My Property' Video:
Legal & Financial Matters
Every four years, MPAC assesses your property's value. In 2016, MPAC updated the assessed values of every property in Ontario. All properties will have a legislated valuation date of January 1, 2016 that will be used for the 2017-2020 property tax years.
In 2016, MPAC mailed a Property Assessment Notice to every property owner in the province – assessing more than five million properties in Ontario. Watch the MPAC video “About My Property," to learn more about how your property was assessed, see the information MPAC has on file, and compare your property to others in your neighbourhood.
Visit FOCA's webpage for information about how to file a Request for Reconsideration if you think MPAC got your assessment wrong: ttps://foca.on.ca/how-to-challenge-your-property-assessment/.
How to Challenge your Property Assessment
Remember: if you disagree with your MPAC assessment, there is a way to ask for reconsideration. FOCA has posted the newest info - click here.
Important Tax Information for Home and Cottage Owners
When you transfer ownership of a vacation property to anyone other than a spouse, you trigger a taxable capital gain on the appreciation in value since you bought the property. So, a cottage purchased 20 years ago for $100,000 and worth $500,000 today would generate a $200,000 taxable capital gain.
A cottage can be designated as a principal residence (even if you don't use it as your primary residence) as long as it is “ordinarily inhabited” at some point during the year. You need to live in the property for at least 2 of the five years before you sell it. You might designate your cottage as your principal residence if your ‘usual residence’ is rented, or if you expect that the cottage has appreciated more than your house.
Principal Residence Exemption: