MISSISSAUGA, October 22, 2012 - Mississauga Mayor Hazel McCallion wants Mississauga property owners to carefully review and understand their Property Assessment Notices when they begin arriving from the Municipal Property Assessment Corporation (MPAC) this month.
"An increase in assessment does not necessarily mean an increase in property taxes and most importantly, I want residents to know that the City of Mississauga does not benefit financially from reassessment," the Mayor states. "Tax rates are adjusted to offset assessment value changes and to ensure the City does not receive a windfall gain as a result of an increase in assessment."
Brenda Breault, commissioner of Corporate Services and treasurer explains: "The average rate of assessment increase for the municipality will be indicated on the Property Assessment Notice. If their property assessment increase is in line with the average assessment increase, property owners will see minimal change on their tax bill due to reassessment."
MPAC's role is to accurately value and classify properties in Ontario. Homeowners can visit www.aboutmyproperty.ca for more information on how their property was assessed.
"You do not need to hire an agent on your behalf if you do not agree with the assessed value of your property. You can file a Request for Reconsideration. All the tools and information are readily available from MPAC and easy to use," the Mayor added.
As Canada's sixth largest city, Mississauga is home to 741,000 residents and more than 54,000 businesses, including more than 60 Fortune 500 companies with Canadian head offices or major divisional head offices. A diverse, progressive and award-winning municipality located on the shores of Lake Ontario in the heart of the Greater Toronto Area, Mississauga is "Leading Today for Tomorrow" by focussing on delivering services, implementing its Strategic Plan, delivering value for money and maintaining infrastructure.