Taxable Assessment Base
The total value of all assessed property within a municipality.
- Peel’s total taxable assessment grew by 0.92 per cent in 2019 (for 2020 tax year).
- Growth in 2019 was the lowest annual growth recorded in over two decades.
- There was slower growth in both residential and non-residential taxable assessment base.
In 2019 (for 2020 tax year), Peel’s total taxable assessment base grew by 0.92 per cent.
This was a significant slowing in growth relative to the preceding year.
During the first ten years after the introduction of CVA (1998 – 2008), annual growth in Peel’s assessment base averaged 3.14 per cent.
Since 2009, annual average growth slowed to 1.56 per cent due to a combination of factors including:
- Slower rates of growth for similar absolute changes as the Region’s taxable assessment base becomes larger;
- Successful Assessment Review Board (ARB) appeals;
- The timing of MPAC’s processing of property changes/assessment growth; and
- Slower residential growth associated with more stringent market conditions.
Despite the slowdown in growth in 2019, the sustained increase in Peel’s total taxable assessment base means that Peel’s tax base is increasing and providing a larger base over which tax increases can be spread.
Changes by Sector
Both the residential (0.98 per cent) and non-residential (0.70 per cent) taxable assessment base registered slower growth in 2019.
Residential taxable assessment base led growth for the eighth consecutive year.
Under the current taxation methodology, the stronger growth in residential taxable assessment suggests a continued shift in tax share towards the residential sector.
Changes by Municipality
Viewed by municipality, growth was supported by a higher taxable assessment base in all three local municipalities as follows:
- City of Brampton: up 1.17 per cent;
- Town of Caledon: up 2.13 per cent; and
- City of Mississauga: up 0.63 per cent.