The assessment cycle is how frequently properties are revalued for tax purposes. Some provinces require annual reassessment, while others use multi-year cycles (every two, three, or four years). Annual assessment keeps values current with market conditions but requires significant ongoing resources. Longer cycles are less costly to administer but can result in assessments that lag behind rapidly changing real estate markets. When reassessment occurs, property owners may see their assessed values and tax bills shift significantly, especially after several years without updates. The assessment cycle is set by provincial legislation.