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    1. Home
    2. About Peel Region
    3. Finance

    Current Value Assessment

    The Ontario Government implemented Current Value Assessment (CVA) in 1998 with the intent of bringing consistency in property assessments across the province. Previously the assessment base for many municipalities was seriously outdated and confusing and as such, resulted in unfair treatment for some taxpayers. All properties across Ontario are assessed at their market value on a common base year. In the current (2016) reassessment cycle, the property values are based on the January 1, 2016 valuation with the assessment increases from the prior reassessment values being phased-in over the 2017-2020 period. Subsequent reassessments will be conducted every four years with assessment increases to be phased-in over the four year period. Assessed values are provided to property owners by the Municipal Property Assessment Corporation (MPAC).

    2020 Reassessment Update: The Ontario government has announced once again that the 2020 Assessment Update has been postponed. They have indicated that property assessments for the 2024 property tax year will continue to be based on the fully phased-in January 1, 2016 current values. This means your property assessment for the 2024 remains the same as it was for the 2023 tax year, unless there have been changes to your property. Further details can be found on MPAC’s website.

    The many assessment system changes were accompanied by several changes in municipalities' ability to manage new tax policy responsibilities. Municipalities have the ability to set a different tax rate for each class of property. Municipalities are required by the provincial government to limit the tax increases due to reassessment for commercial, industrial and multi-residential properties. The limit is calculated based on the previous year's annual taxes. In order to fund the capped tax increases, the legislation allows Council to withhold or "clawback" a portion of the tax decreases to businesses and apartments due to reassessment. All properties in the commercial, industrial and multi-residential property classes have been phased out from the capping/clawback program and taxed at full current value assessment tax.

    In addition, municipalities were provided with optional tools to help mitigate tax increases among businesses. Municipalities are also required to provide measures of tax relief to low-income seniors and the low-income persons with disabllities as well as charities.

    Peel Corporate Finance staff, in conjunction with staff from the three local municipalities - City of Mississauga, City of Brampton and Town of Caledon – and the Golden Horseshoe (Zone 2) Office of MPAC, have reviewed all aspects of the CVA legislation and applicable operating impacts as part of developing tax policy recommendations to Regional Council.

    More details and information pertaining to the property assessment and taxation systems and the role of Peel Region in taxation matters can be found in the Property Tax Policy Handbook.

    Property tax rates and other property taxation information can be attained from the local municipalities:

    • City of Mississauga
    • City of Brampton
    • Town of Caledon
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