What is current value assessment? Why is it any different from market value?
Almost every assessment system in the world is based on value in one way or another. Property assessments across the province have been updated to current value in order to have a fair and consistent province-wide standard. Under the Ontario Fair Assessment System, your current value assessment is a reasonable estimate of what your property would have sold for on June 30, 1996. There are differences between the old and new property tax systems. For example: • Farmland assessments are based on continuing farm use, not on sales for development or any other potential use; • Tax relief for low-income seniors and low income persons with disabilities is guaranteed; • Protection for lower-valued commercial property such as small main street businesses is a municipal option; and the appeals process is simplified and more accessible.
