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Ontario Property Tax News—The Minister of Finance has officially postponed the Ontario Reassessment for the 2024 year, published in Ontario Regulation 261/23, amending Ontario Regulation 282/98 to include 2024 as a non-reassessment year.
Included in the announcement are details that a review of the property assessment and taxation system that will focus on fairness, affordability and business competitiveness, to balance the need to support people during a time of high cost of living and ensuring property assessment information is up-to-date. This could mean drastic changes to the assessment system in Ontario to provide more transparency and equity in the assessment and taxation system.
With all Ontario Municipalities having to bear the burden of a lack of an increase in the assessment base for their budgets, this burden will be placed on property owners to make up this lack of revenue with increased property tax rates, most likely resulting in higher tax rate increases than seen in 2023.
As more details are released, better clarity into the timing of this review and potential changes will be achieved.
With the uncertainty in the existing assessment process and what the future of property taxation will look like in Ontario, it is crucial to address any errors or inequities in the assessed value, before a potential revamp of the entire system takes place, potentially compounding an already incorrect assessment.
At Leyton, our property tax consultants are experts in reducing your property tax burden. Schedule a free consultation to reduce your property tax liability.
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