Assessment changes for multi-residential units
by Mike Robinson.
The Ministry of Finance states there are a number of important decisions for the 2017 taxation year along with the property assessment update.
Correspondence from Allan Doheny, assistant deputy minister, was reviewed by Pulsinch councillors on Jan. 18.
Doheny stated there were a number of changes for 2017 related to municipal flexibility in setting tax policy and to provide a property assessment update.
“As you may know, the province has been reviewing the Vacant Unit Rebate and Vacant/Excess Land Subclasses,” Doheny wrote.
“The review was initiated in response to municipal concerns regarding the appropriateness of the lower tax level provided through these programs and any unintended implications this may have for local economies.
“Since the 1990s, these programs have provided tax rebates and reductions to property owners who have vacancies in commercial and industrial buildings or land. In response to municipal requests, the province introduced a legislative framework through the 2016 Ontario budget to facilitate potential program changes as a result of the ongoing review.
