Property assessment is the process of determining a property's value for taxation purposes. Assessment authorities (like MPAC in Ontario or BCAA in British Columbia) evaluate properties based on factors including location, size, age, condition, and recent sales of comparable properties. The assessed value isn't necessarily the market value but provides a standardized basis for calculating property taxes. Assessments are typically updated periodically, with some provinces using annual updates and others reassessing every few years. Property owners can appeal their assessments if they believe the value is incorrect. Your property tax is calculated by multiplying the assessed value by the municipal and education tax rates.