Under Ontario's Assessment Act, how often does the default schedule call for property to be revalued for assessment purposes?
Correct Answer
B) Every four years
Section 19.2(1) of Ontario's Assessment Act sets valuation days in four-year cycles: after 2020, land is valued for each period of four consecutive taxation years as of January 1 two years before the period. Section 19.2(5) lets the Minister prescribe a different valuation day, so the province can postpone a reassessment.
Why This Is the Correct Answer
Every four years is correct because s. 19.2(1) of the Assessment Act values land for periods of four consecutive taxation years, each using a single valuation day. The Minister can prescribe a different day under s. 19.2(5), but the default schedule is four-yearly.
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