No your property taxes will not go up. In Ontario, Any water power installation does not affect property taxes.
Hydro-electric generating stations are not subject to property tax. In its place, they are subject to a provincial Gross Revenue Charge (GRC), based on the gross revenue (regulated rate) and actual generation of the facility.
For further information, you can check out the following links:
The Ontario Waterpower Association also has information if you click on this link http://www.owa.ca/home/policy-initiatives/ and scroll down to “Taxation and Resource Valuation”.