Property Assessment

Learn how property assessments work in Canada, how they impact your property taxes, and how to appeal if you believe your assessed value is too high.

Property Assessment

May 22, 2025


What is a Property Assessment?

Property assessment is the process by which a municipal or provincial authority determines the market value of a property for taxation purposes.

Why Does a Property Assessment Matter in Real Estate

In Canada, property assessments are conducted by provincial agencies (such as MPAC in Ontario or BC Assessment in British Columbia) or local municipalities. The assessed value is used to calculate annual property taxes.



Assessments are typically based on:
  • Comparable property sales
  • Property type and size
  • Location and neighbourhood trends
  • Renovations or structural changes


These assessments are updated regularly, often every 1–4 years. Homeowners receive a notice showing their property's assessed value and have the right to challenge it if they believe it's inaccurate.


Understanding your assessment is important because:
  • It directly affects your property tax bill
  • It may differ from market value
  • Errors or overvaluations can be appealed


Accurate property assessments help fund essential local services like schools, roads, and emergency services.

Example of a Property Assessment in Action

A homeowner in Vancouver receives a 2025 property assessment notice showing an assessed value of $1,150,000, which will be used to calculate their annual municipal property tax.

Key Takeaways

  • Determines taxable value of your home.
  • Conducted by local/provincial agencies.
  • Based on market conditions and property features.
  • Affects annual property tax bills.
  • Can be appealed if inaccurate.

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

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