Property Tax & Valuation

Property tax is a tax levied on the assessed value of real estate. Businesses can potentially reduce their property tax burden by appealing to the assessed value of their property with the help of a professional property valuation review.

Property tax is calculated by multiplying the property’s assessed value by the municipal tax rate. Here’s a breakdown of the terms:

● Assessed value: This is the estimated market value of the property assigned by the local government assessor’s office, not necessarily the exact selling price.

●Municipal tax rate: This is a rate set by your local municipality to determine the amount of property tax levied per dollar of assessed value. The rate can vary depending on your location and may include additional charges for specific services.

The potential savings a property tax consultant can bring to your Canadian business depend on several factors:

● Current Property Assessment: If your property is assessed above $200,000, you could obtain an average of 12% reduction in property taxes. A consultant will analyze the assessment and identify discrepancies compared to the property’s true market value. Savings can vary significantly based on the specific context of the property.

● Property Type and Location: Different property types (commercial, industrial, office) and locations (urban, rural) have varying valuation methods used by local assessors. Consultants understand these nuances and can identify areas where the assessment might be inaccurate.

● Consultant’s Expertise: An experienced consultant with a proven track record in your specific province and property type is crucial. Their knowledge of local market trends and negotiation skills can significantly impact savings.

Leyton’s team of experienced property tax consultants in Canada has a history of achieving substantial reductions for our clients.

There are numerous advantages to perform a property tax review in Canada, potentially leading to significant cost savings and a more streamlined process. Here’s a closer look at the key benefits:

● Reduced Property Tax Bill: This is the most significant advantage. Leyton’s experienced consultants can analyze your property’s current assessment and identify areas of potential discrepancy compared to its true market value. By effectively negotiating your case with local municipal assesors, they can help you achieve a lower assessed value, translating directly to a reduced property tax bill.

● Fair and Accurate Assessment: Municipal assessments aren’t infallible. Leyton’s property tax valuation consultants possess in-depth knowledge of local market trends and valuation methods used by assessors. They can meticulously review your assessment and identify any inconsistencies, ensuring your property isn’t unfairly overvalued.

● Time Saved and Reduced Stress: Appealing a property tax assessment can be complex and time-consuming. Leyton’s consultants handle the entire process, saving you valuable time and alleviating the stress associated with navigating bureaucratic procedures. They will gather and present evidence to support your appeal, ensuring it’s filed correctly and on time.

● Improved Cash Flow: By potentially lowering your property tax burden, you free up crucial capital for other business needs. Increased cash flow can be channeled towards investments in growth initiatives, marketing strategies, or operational improvements.

You can get started with a property tax review with Leyton in Canada by filling the form at the top of the page. We will be happy to discuss your specific needs and answer any questions you may have.

In Canada, the terms “realty tax” and “property tax” are often used interchangeably. Technically, property tax can encompass both real estate (land and buildings) and some types of valuable equipment depending on the jurisdiction. However, in most cases, “property tax” refers specifically to taxes levied on real estate, which is exactly what Leyton helps businesses with.