The Municipal Property Assessment Corporation (MPAC) has not updated property assessments in Ontario since 2016, delaying significant tax decisions amid rising inflation and cost of living.
Finance Minister Peter Bethlenfalvy acknowledged the need for predictability in household budgets, especially with rising inflation and costly renewals of mortgages affecting Ontarians.
Despite requests from the Association of Municipalities of Ontario and others, the Ontario government has not restarted the property assessment process, citing progress in a review of the taxation system.
MPAC was scheduled to assess properties in 2020, but the pandemic halted this crucial update, leaving many homeowners uncertain about their property values and corresponding taxes.
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