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

GWL Realty Lists 23-Acre Westbank Hub North Shopping Centre In West Kelowna

GWL Realty Lists 23-Acre Westbank Hub North Shopping Centre In West Kelowna

Westbank Hub North is anchored by Walmart and is one of the Okanagan's most dominant open-air retail centres.

Westbank Hub North, one of the largest open-air shopping centres in West Kelowna, was officially listed for sale last week, according to a sales brochure.

The shopping centre is located at 2115-2170 Louie Drive, on the western side of Highway 97 at the intersection with Elk Road. The property consists of four legal parcels — 2121, 2130, 2151, and 2170 Louie Drive — and is home to a Walmart, Dollarama, Anytime Fitness, London Drugs, and several quick-service restaurants.

Keep ReadingShow less

'There's Nothing To Wait For Anymore': What's Driving Toronto's Summer Market

'There's Nothing To Wait For Anymore': What's Driving Toronto's Summer Market
Toronto Islands in the summer/Shutterstock

It’s taking some time for the weather to get the memo, but the summer season is approaching fast, and with it, new market dynamics that could reshape the Toronto housing market over the warmer months.

In February, the Toronto Regional Real Estate Board (TRREB) released their 2026 outlook, which predicts a relatively tame year for the Toronto market. In the first half of the year, TRREB expects restrained price growth and slower sales activity as inventory remains high and economic uncertainty keeps buyers on the sidelines. Later in the year (pending a more stable economy), the Board expects mild improvement, ending 2026 with 60,000 to 70,000 total transactions, and with average home prices between $1 million and $1.03 million. This outcome would represent a continuation of 2025 numbers. At the end of last year, Toronto had recorded 62,433 home sales and an average selling price of $1,067,968, for comparison.

Keep ReadingShow less

Stronger Protection Has Arrived For New Home Buyers In Ontario. Here’s How

Stronger Protection Has Arrived For New Home Buyers In Ontario. Here’s How

Sundry Photography/Shutterstock

A stronger and safer new home marketplace has wide-reaching benefits, from enhancing consumer trust in the housing market through to positive ripple effects on the economy at large.

But this type of marketplace isn't something that happens by accident — it’s intentionally built on smart policy, informed consumers, and the collective effort of real estate professionals.

Keep ReadingShow less

Carlyle Looks To Sell South Phase Of Toronto Junction Project

Carlyle Looks To Sell South Phase Of Toronto Junction Project

The two towers planned for 6 Lloyd Avenue in Toronto. (TD Cornerstone Commercial Realty)

Toronto-based developer Carlyle Communities has put the south phase of its two-tower project in the Junction neighbourhood on the market, according to a sales brochure obtained by STOREYS.

The project is set for 6 Lloyd Avenue, a 2.6-acre site at the intersection of Lloyd Avenue and Mulock Avenue, just south of St. Clair Avenue West and the future St-Clair-Old Weston Station planned as part of the UP Express Line.

Keep ReadingShow less

Quaint Detached In Wychwood Is Like A Cottage In The City

Quaint Detached In Wychwood Is Like A Cottage In The City

319 Wychwood Avenue has a loft above a vaulted living room, organic berry beds in the backyard, perennial gardens out front, and a private driveway that fits three cars.

It's three minutes on foot from Cedarvale Ravine, and it's asking $989,000. At this point in the Toronto market, that combination shouldn't exist.

Keep ReadingShow less

Rennie President Greg Zayadi On 'The Agency' Partnership

Rennie President Greg Zayadi On 'The Agency' Partnership

theagencyrennie.com

This week, Rennie announced a new partnership with global boutique real estate brokerage The Agency, the latest effort by the Vancouver-based real estate services firm to expand its offerings and reach.

The partnership extends from pre-development consultation through final close. It’s similar to what Rennie offers, but on a much larger geographical scale thanks to The Agency’s 3,500 agents and 150 offices across 14 countries. Where The Agency has new projects, Rennie will get involved in those projects as well.

Keep ReadingShow less

Chartwell Pays $382.M For 30% Stake In Fengate's Seasons Senior Housing Portfolio

Chartwell Pays $382.M For 30% Stake In Fengate's Seasons Senior Housing Portfolio

Seasons St. Catharines in Ontario. (Seasons Retirement Communities)

On May 7, Chartwell Retirement Residences (TSX: CSH.UN) entered into a definitive agreement to acquire a minority ownership stake in Seasons Retirement Communities through a new joint venture with Fengate Asset Management.

Chartwell will own a 30% stake in the joint venture, while Fengate — the existing owner acting on behalf of the LiUNA Pension Fund of Central and Eastern Canada — will own the remaining 70%.

Keep ReadingShow less

Wesgroup Revises Civic District Master Plan Project In Surrey To 1,900 Units

Wesgroup Revises Civic District Master Plan Project In Surrey To 1,900 Units

An updated rendering of Civic District. (Arcadis, Wesgroup Properties)

Prominent Vancouver-based developer Wesgroup Properties has submitted a new rezoning application for Civic District, their multi-phased master-planned communication in Surrey.

Civic District is set for 10355 King George Boulevard, a 5.1-acre site bounded by King George Boulevard on the east, Central Avenue on the south, City Parkway on the west, and 104 Avenue on the north.

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