What is a reassessment?
A reassessment is the process of updating the assessed values of all properties in a municipality to a common valuation date. In 1997, Ontario implemented legislation which required the assessed values of all properties in the Province to be calculated at the same point in time – June 30, 1996. The legislation also requires the Ontario Property Assessment Corporation (OPAC ) to update all assessed values on a regular basis. As a result, all values are being updated in 2000 to a June 30, 1999 valuation date, for use in calculating property taxes in 2001 and 2002.
