The municipal tax rate will not be known until Toronto City Council sets its 2001 budget and tax rates in late April 2001. In addition, any effects of provincial legislative changes and education tax rates must be determined by the province and will then be added to the property tax bill. Municipalities use the property values on the assessment roll to calculate property taxes, and then issue tax bills. If a property's assessment value changes in the year of provincial reassessment, it doesn't necessarily mean that the property's taxes will change. It depends, in part, on whether the new assessed value goes up or down more than the values of similar properties in a community.
Reassessment updates the assessed values of all properties in a municipality using a common date.
In 1997, Ontario implemented legislation which required the assessed values of all properties in the province to be calculated at the same point in time and to continue being updated on a regular basis.