With the recent re-election of a majority government, Ontario taxpayers expected that this legislative session would begin with an announcement of a general property tax reassessment. The first four weeks of this session have now passed, and a provincial budget has been presented, with no update on a reassessment from the province.
Since 2017, property taxes in Ontario have been based on assessed values as of January 1, 2016. The reassessment that was scheduled to occur for the 2021–2024 assessment cycle was suspended during the COVID-19 pandemic and, to date, has not been rescheduled.
The commercial real estate market has experienced considerable turbulence since January 1, 2016, including the loss of department stores and other major retailers, the ongoing economic impact of the pandemic, the explosion of online retailing and remote work, rising interest rates, and now looming tariffs and international trade upheaval. Many property owners, particularly those owning malls, office buildings, and small businesses, have been struggling to pay property taxes based on assessments that are, in some cases, more than double the current market value of the property. New tariffs are already having a negative impact on both small and large industrial taxpayers, bringing into question their ongoing viability and the fairness of frozen assessments. Ryan’s property tax experts continue to challenge many of our clients’ overstated valuations through appeals to the Assessment Review Board and Ontario Divisional Court.
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- Topics
- Property Tax
- Ontario