Property Tax
Canadian Property Management
Overdue property reassessment raises alarm
Ontario’s overdue property reassessment is on hold until at least 2024, leaving many commercial ratepayers with a further wait to realize tax reductions from pandemic-related value erosion.
Canadian Property Management
COVID impacts linger for commercial ratepayers
Assessed values in Ottawa and Toronto will be at least seven years out of date and Winnipeg’s will be nearly five years behind before new assessment cycles begin in those cities.
CondoBusiness
Property tax premiums loom in Nova Scotia
Nova Scotia’s new provincial government is signalling looming surcharges for residential property purchasers and owners who pay their income tax in other jurisdictions.
Canadian Property Management
Light industrial set for heavy property tax hit
Economic fallout from COVID-19 is shifting more of the tax burden to this flourishing group of assets via the mill rate, while also driving up the tax rate, for a double-whammy of consequences in jurisdictions that update valuations annually.
Canadian Apartment Magazine
Manitoba tax rebate comes with rent freeze
About $248 million from the education levy will be returned to property taxpayers this year through 25 per cent rebates to residential/farm ratepayers and 10 per cent rebates to commercial/industrial ratepayers.
Canadian Property Management
Nova Scotia offers targeted property tax rebate
A newly announced $7-million provincial fund is expected to partially compensate up to 3,300 small restaurateurs, barkeepers and personal service business operators for paid 2020-21 property taxes.
Canadian Property Management
Alberta’s education mill rate nudges up 0.1 bps
Alberta’s education mill rate has nudged up 0.1 basis point, adding $0.01 per $1,000 of assessed value to the provincial portion of property tax bills.
CondoBusiness
Vacant dwellings yield revenue gains for B.C.
Resident British Columbians own about 30 per cent of the properties subject to the speculation and vacancy tax, but account for just 6.6 per cent of collected revenue.
Canadian Property Management
CERS applications to be accepted as of Nov. 23
Legislation to enable the Canada Emergency Rent Subsidy (CERS) received parliamentary approval late last week and an online application portal was expected to be operational for Nov. 23.
Canadian Property Management
Historic property tax disparity dismantled
As announced in the provincial budget, the Ontario government plans to equalize the business education tax (BET) rate at 0.88 per cent for 2021, equating to a $450-million tax cut province-wide.
Canadian Property Management
Property tax ratios epitomize commercial burden
The commercial property tax rate is at least double the residential rate in eight of the 11 surveyed cities, with commercial ratepayers in Montreal, Toronto and Quebec City shouldering the most disproportionate shares.
Canadian Property Management
Ontario to defray costs of public health controls
Further details are promised soon on a $300-million fund to help defray property tax and utility costs for businesses forced to curtail or shut down operations due to COVID-19 concerns.
Canadian Property Management
Manitoba stretches property assessment cycle
An extra year of tax apportionment based on pre-pandemic values could be a harsh postponement for some property owners. The scheduling adjustment is expected to hurt the most in the retail and hospitality sectors.
REMI Network
Property tax relief for Toronto’s live music venues
Property tax relief is available for Toronto’s live music venues though the newly expanded Creative Co-Location Facilities Property Tax Subclasses.
Canadian Property Management
Ontario to delay next property tax cycle
The move was announced in response to the COVID-19 outbreak, but additionally opens a window to adjust the mechanics of the assessment process itself.
Canadian Property Management
Schedules for property tax payments in flux
Late penalties for Toronto property tax, water and solid waste utility bills have been suspended until mid-May, while ratepayers get an additional 60 days to make tax payments. Mississauga has added 90 days to its tax payment deadlines.
Canadian Property Management
ON/AB: education property tax relief introduced
Alberta and Ontario are offering ratepayers temporary relief from the education portion of property tax bills.