TRENDING: After Two Years, Canada's Rental Market Is Turning A Corner

Assessed Value

Explore what assessed value means in Canadian real estate, how it’s calculated, and how it affects your annual property tax bill.

Assessed Value

May 22, 2025


What is Assessed Value?

Assessed value is the dollar amount assigned to a property by a municipal or provincial authority for the purpose of calculating property taxes.

Why Assessed Value Matters in Real Estate

In Canada, assessed value is used to determine how much property tax a homeowner must pay each year. It is not the same as market value or appraised value, though the three may be similar.

Municipalities or agencies like MPAC (Ontario) or BC Assessment calculate assessed value based on:

  • Comparable sales
  • Location and land value
  • Size, age, and condition of the property
  • Zoning and permitted uses
Assessments are typically updated every 1-4 years, and homeowners can appeal the assessment if they believe it's inaccurate.


Understanding your assessed value is important for:

  • Budgeting property taxes
  • Appealing over-assessments
  • Comparing tax burden across neighbourhoods

Example of Assessed Value in Action

A homeowner receives a notice showing their assessed value is $680,000, which the city will use to calculate their annual property tax.

Key Takeaways

  • Used to calculate annual property taxes.
  • Determined by local assessment authorities.
  • May differ from market or appraised value.
  • Can be appealed by the homeowner.
  • Updated periodically by municipality or province.

Related Terms

Additional Terms

Public Realm Improvements

Public realm improvements are enhancements to public spaces such as sidewalks, parks, plazas, and streetscapes, often funded or contributed by. more

Mortgagee in Possession

A mortgagee in possession is a lender who takes control of a property after borrower default, but before foreclosure or power of sale. The lender. more

Lease Surrender Agreement

A lease surrender agreement is a negotiated contract between a landlord and tenant that ends a lease before its scheduled expiration. Terms may. more

Green Infrastructure

Green infrastructure refers to natural or engineered systems that manage stormwater, reduce heat, and improve sustainability in developments.. more

Escrow Holdback

An escrow holdback is a portion of funds withheld at closing and held in escrow until specific conditions are met, such as completion of repairs,. more

Underused Housing Tax

The Underused Housing Tax (UHT) is a federal annual 1% tax on the value of vacant or underused residential property owned by non-resident,. more

More For You

Vancouver City Council Green-Lights Holborn's Supertall

Vancouver City Council Green-Lights Holborn's Supertall

holborn.ca

Vancouver City Council voted Monday to approve Holborn Group's rezoning application for the Hudson's Bay parkade block redevelopment — clearing the way for what would be Western Canada's tallest tower.

Holborn called it "an exciting moment, and an even more exciting beginning" when announcing the news.

Keep ReadingShow less

Sold: STOREYS Moving Into New Toronto Office

Sold: STOREYS Moving Into New Toronto Office

STOREYS' new Little Italy home (including Site. signage rendering)

STOREYS is officially moving into a new home.

We're trading our old digs for the Site. Toronto Campus: a beautifully repurposed industrial laneway building in Little Italy that's been on our wish list since we first laid eyes.

Keep ReadingShow less

3-Bed Georgian Bay Getaway Is A Charming High-Summer Escape

3-Bed Georgian Bay Getaway Is A Charming High-Summer Escape

realtor.ca

If the recent heat has had you dreaming of blue water and a place to escape to, 349 Cedar Avenue might be it.

Set on Georgian Bay in Meaford, this waterfront property comes with a coveted double lot, endless water views, and an asking price of $1,299,000.

Keep ReadingShow less

Hale Muskoka Is Going All-Season With Multi-Pronged Expansion

Hale Muskoka Is Going All-Season With Multi-Pronged Expansion
Hale Muskoka at 1160 Bethune Drive North/Hale Corporation

On any given weekend from summer through early fall, Hale Muskoka has something unique to do, eat, and see. You might find yourself building a charcuterie board under the watch of Michelin-recognized chefs, grabbing a bite from a food truck to enjoy at the fireside lounge, or perusing the open-air market with live music as your soundtrack. And that’s only a small taste of what Hale currently is — and what Founder Eric Abugov wants it to be.

“It's built for you to experience,” says Abugov, a development sector veteran who soft-launched the market and events hub with his wife last summer. Today, locals, cottagers, and tourists can flock to their five-acre farm in Gravenhurst, home to a mix of food and retail vendors, a weekly open-air market, and a revolving door of events and activities. More than that, Hale offers the benefits of a “third space” — something Abugov and his wife felt was missing after moving to the area post-pandemic.

Keep ReadingShow less

GTA Low-Rise Sales Outpace Historic Average For Third Straight Month

GTA Low-Rise Sales Outpace Historic Average For Third Straight Month

Low-rise new home sales in the Greater Toronto Area outperformed their historic average for a third consecutive month in June, even as benchmark prices kept sliding, according to the latest figures from the Building Industry and Land Development Association (BILD).

There were 1,175 total new home sales in June — up significantly from the record low set in June 2025, but still 52% below the 10-year average of 2,456 units, according to Altus Group, BILD's official source for new home market intelligence.

Keep ReadingShow less

Canadian Home Prices Stopped Falling In June (And Buyers Were Already Moving)

Canadian Home Prices Stopped Falling In June (And Buyers Were Already Moving)
Shutterstock

Canadian home prices did something unremarkable in June: nothing.

The National Composite MLS Home Price Index was unchanged from May, according to the Canadian Real Estate Association's July 15 release. That flat reading ended a monthly decline that had run since January 2025.

Keep ReadingShow less

Bank Of Canada Holds Interest Rate At 2.25% In July

Bank Of Canada Holds Interest Rate At 2.25% In July
Bank of Canada at 234 Wellington Street in Ottawa

On July 15, the Bank of Canada held its overnight rate at 2.25%, pointing to early signs of a broadening economic recovery.

Policymakers say the economy is starting to turn a corner after a rough stretch shaped by tariffs, elevated uncertainty, and slower population growth — the labour market has stayed soft throughout, with unemployment at 6.5% in June, part of a range that's held since late 2024.

Keep ReadingShow less
TRENDING: Bank Of Canada Holds Interest Rate At 2.25% In July

In Canada's West, This Developer Is Building More Than Houses

In Canada's West, This Developer Is Building More Than Houses

Carrington, Calgary (Mattamy Homes)

There's a version of new home construction that most buyers know well: a patchwork of builders, a streetscape that never quite coheres, a construction zone that lingers years after move-in.

Mattamy Homes has spent decades building something different. And in Calgary and Airdrie, that difference is on full display across four communities where the builder controls every stage of development, from land through to the homes, parks, and pathways that help define daily life.

Keep ReadingShow less
Privacy PolicyAbout UsTerms of UseAdvertise with UsJobsContact UsRSS Feed
All rights reserved SiteMedia © 2026.