Current Value Assessment (CVA) is the property valuation system used in Ontario and some other jurisdictions where properties are assessed at their estimated market value as of a specific date. MPAC (Municipal Property Assessment Corporation) determines CVA by analyzing actual sales of similar properties, considering factors like location, size, age, quality, and features. CVA replaced older systems that used historical or arbitrary values. The assessed value multiplied by the municipal tax rate determines property taxes owed. Because property values change at different rates across neighbourhoods, CVA reassessments can significantly shift tax burdens between areas, sometimes requiring phase-in programs to prevent sudden large increases for individual property owners.