Check Ontario's New Property Tax Assessments | KPMG | GLOBAL

Check Ontario's New Property Tax Assessments for Possible Savings

Check Ontario's New Property Tax Assessments

Ontario will be entering a new four-year property tax assessment cycle on January 1, 2017.

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This is a reminder that Ontario will be entering a new four-year property tax assessment cycle as of January 1, 2017, and increases in value for municipal tax purposes are expected for most property tax classes. It is important for property owners to review the value and classification of their property assessments for accuracy, since they will stay in place for the next four years.

Property owners should also consider whether they are eligible for a cancellation, reduction, refund or rebate on their property taxes.

Assessment appeals
Assessment appeals can result in significantly reduced and recovered property taxes. The deadline to initiate appeals to the Assessment Review Board or Requests for Reconsideration with MPAC for the 2017 taxation year is March 31, 2017.

Also, property owners who benefit-or believe they should benefit-from a property tax exemption should review their assessments to confirm that they are maximizing their exemption.

Property tax rebate programs for commercial and industrial properties
Applications for a property tax rebate for the 2016 taxation year must be submitted to the relevant municipality by February 28, 2017. Clients who own or lease commercial or industrial properties in Ontario may be eligible, as well as registered charities that own (or lease and occupy) space in a commercial or industrial building.

Application for Vacant Unit Rebate
If a commercial or industrial property was vacant for all or part of 2016, was undergoing repairs or was in need of repairs, or was unfit for occupation, the owner may be eligible for a property tax rebate for the period of the vacancy. Among other criteria, the unit must have been vacant or unusable for at least 90 consecutive days in order to be eligible for the rebate.

Application for Cancellation, Reduction or Refund of Property Taxes
A property owner can apply to the relevant municipality to cancel, reduce or refund their property taxes for several reasons, including the following:

  • The property ceased to be liable to be taxed at the rate it is taxed
  • The land became vacant during the year
  • The land became exempt from property tax during the year
  • Fire or demolition prevented the normal use of the land
  • The property owner was overcharged taxes due to a gross or manifest clerical error.

For more information, contact your KPMG adviser.

Information is current to December 13, 2016. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

© 2017 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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