Why isn the reassessment done every year, so that assessed values are more up-to-date?
The process of moving to an annual reassessment is being phased-in over a five-year period, which started with the first Province-wide reassessment in 1998. The valuation date will be June 30th of the year preceding the taxation year. Yearly assessments begin in 2003 for the 2004 taxation year. Starting in 2005, assessed values will be an average of the current year and the previous year, and in 2006 this will be expanded to include the two previous years.
