The assessed value is the price/value of a property at the specific time of a Property Assessment determined by Municipal Property Assessment Corporation (MPAC -  http://www.mpac.on.ca).  This assessed value is the number that the city will use to calculate your taxes and is supposed to reflect true market value as of the date of the assessment. The value is calculated by MPAC using formulas which includes recent sales data. They do not take into consideration your specific home or circumstances but use larger generalities in the market place to decide on this value. This computer generated value may not be accurate. 

• Mill rate: The mill rate is the % or factor that you’re assessed property value is going to be multiplied by to determine the amount of residential taxes you will have to pay.
• Is it Fair? The only way to determine if your assessed value is fair is to compare it to actual market value as of the time of the assessment.
• How Do I Find Out If It’s Fair? If you think your assessed value is unfair, or you just want to be sure that it is fair, I will be glad to help.
• What Do I Do About It If It Isn’t Fair?  If it is determined that your assessment is unfair you can make an assessment appeal.

For assessment information about your City of Toronto property, please contact the Municipal Property Assessment Corporation (MPAC) at 1-866-296-MPAC (6722). If you wish to have your assessment reviewed by MPAC, you may file a Request for Reconsideration.

You do not need to retain a tax consultant to appeal your property assessment. This can be done on your own. Tax consultants are private entities which do not have any connection to the City of Toronto. You are, of course, at liberty to retain their services should you so desire. 

If your Request for Reconsideration is successful, MPAC will forward the results directly to the City in order to expedite processing.