Listen to this articleProperty taxes are based on your home’s value. What you might not know is that an increase in your home’s value doesn’t necessarily mean your taxes will go up. This video explains how your property taxes are calculated based on the assessed value of your home.
Your 2016 MPAC Notice reflects the assessed value and classification of your property as of January 1, 2016 and this will be used as the basis for calculating your 2024 property taxes.
https://www.mpac.ca/en/UnderstandingYourAssessment/PropertyAssessmentNotice
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you make it sound sooooooooooooooo simple, its not. If you have concerns about your assessment it takes time, research and many phone calls or meetings. The system they use is not fully Equitable as no two properties are the same. Why are we getting so involved in this issue. Midland has more serious issues.
The normal four year cycle of reassessment has been paused since Covid and we’d all expected that to resume for 2024 but learned that it remains paused. With so much time passed since 2016 and home values increased so dramatically in the last few years, it is important to understand the relationship between assesssd value and taxes for when the market correction comes from MPAC in the following years. To your point we have no say on how MPAC assesses your property.