As a result of the COVID-19 pandemic, there have been significant changes to property tax assessment in Ontario for 2020.
The following are the highlights of the current changes:
2020 Property Tax Appeal Deadline extended to September 30, 2020
If you have put-off appealing or otherwise been in the questionable camp of suggesting “is it really worth it?”, now is the time to act through a Request for Consideration (RFR). If you do not already have open or pending appeals/ reconsideration requests for the 2017-2021 assessment cycle, please be aware that the appeal deadline of March 31, 2020 has now been extended until September 30, 2020 via an RFR with the Municipal Property Assessment Corporation (MPAC).
Protect your ability to seek further potential 2020 tax adjustments by taking advantage of this critical opportunity to file a new 2020 appeal for any asset that has been severely impacted by COVID-19.
Ontario’s planned reassessment for the 2021-2024 assessment cycle based on 2019 values has been delayed by at least one year. Assessments for 2021 will continue to be based on current value at January 1, 2016, but will be updated to reflect any additions or improvements to properties. This change was announced as part of the March 2020 Economic and Fiscal Update. The province is reviewing its policies with regard to the next reassessment and further changes may be forthcoming in the months ahead.
What about COVID and its impact on my property?
This is the most asked question that we are receiving during this pandemic era. The valuation system and method of assessment is based upon a historical valuation date that is not meant to capture current / real-time events such as COVID and their impact upon property values or your ability to pay. There are provisions in the Municipal Act and City of Toronto Act that provide avenues for tax relief, but candidly they have not been tested in terms of their applicability for conditions arising from COVID and the Ontario Government’s Emergency Order regime.
These tax relief measures have to be undertaken by February 28th, 2021 and where they fit are applicable to the 2020 taxation year. Please reach out to see if your situation / property fits within the available tax relief measures and we will do our best to guide you on next steps. If you should have any questions or concerns regarding any property tax matters, please do not hesitate to contact either:
Be Safe. Be Well.