Annual taxes levied by Ontario municipalities on real property, calculated by multiplying the property’s Current Value Assessment (CVA) by the applicable mill rate for the municipality. Assessed values are determined by MPAC (Municipal Property Assessment Corporation) in Ontario. Property taxes fund local services including schools, roads, transit, and emergency services. Homeowners can appeal their MPAC assessment if they believe the valuation is inaccurate through the Assessment Review Board.
Synonyms:
municipal tax|realty tax|MPAC assessment