Received Your 2026 Property Assessment? Here Is What It Means For Your Property Taxes

It is that time of year again—2026 Property Assessment Notices are arriving in mailboxes across the province.

Your 2026 Property Assessment Notice is the baseline for your upcoming tax bill. Is the number accurate?

For many homeowners, opening that envelope brings a mix of emotions. On one hand, it is validating to see your investment grow; seeing a higher figure on paper confirms that your home has appreciated in value. However, there is a flip side to that equity boost that hits your bank account later in the year: Property Taxes.

Before you file that notice away, it is important to understand how this figure is calculated and what you can do if you believe the city has overvalued your home.

The Relationship Between Assessed Value and Taxes

Your property taxes in 2026 are not pulled out of thin air. They are calculated using a specific formula:

Assessed Value × Municipal Mill Rate = Your Property Tax Bill

While the "Mill Rate" is determined by your specific City or Municipality based on their budget needs, the Assessed Value is the variable that changes based on market conditions. Generally speaking, if your assessment goes up significantly, your tax bill is likely to follow suit.

What If Your Assessment Is Too High?

Municipal assessments are mass appraisals—they don't always capture the specific condition or nuances of your individual home. If you believe your property has been overvalued, you have the right to dispute it.

Disputing an assessment can potentially lower your tax burden, but you need to act within the specific timelines set by your municipality (usually 60 days from the notice date).

How to Check if Your Assessment is Accurate

Before you file a formal dispute, you need to do a "reality check" on the numbers.

1. Get a Market Analysis

If you are concerned that the assessment is inflated, reach out to a trusted local Realtor for a quick Comparative Market Analysis (CMA). While a Realtor's opinion isn't always admissible as formal evidence in a legal dispute, it gives you a vital baseline. It helps you answer the question: "Is the city's value actually realistic compared to what homes are selling for right now?"

2. Gather Your Evidence

If the numbers don't add up, you will need proof. This is where your mortgage and purchase documents become incredibly valuable. You should gather:

• Recent Purchase Documents: If you bought the property recently for less than the 2026 assessed value, this is strong evidence.

• Appraisals: If you had a professional appraisal done recently for a mortgage refinance or renewal, or if you plan to get one in the next few months, hang on to those documents.

A professional appraisal is one of the most beneficial tools you can use when property taxes are being recalculated or disputed.

The Bottom Line

Don't ignore your 2026 Property Assessment Notice. Take a few minutes to review the value. If it seems high, do a little homework now. Verifying the accuracy of your assessment today could save you hundreds of dollars when tax season arrives.