Tax Changes in 2009
|Area||Municipal, Planning and Property Tax , Property Assessment and Taxation|
Recent changes to Provincial legislation have given municipalities in Ontario the option to pass a bylaw that would remove the capping protection available to commercial, industrial and multi-residential properties once those properties have reached their CVA Taxes (assessment x tax rate without adjustment) in a prior year. The by-law would also remove the clawback provisions that such properties would otherwise have been subject to. Therefore properties that may have received capping protection or clawbacks of tax decreases in the past may find that in 2009, they are being taxed at their CVA Taxes. Some municipalities have adopted such by-laws, resulting in unanticipated increases (and decreases) in property taxes. Additionally, as a result of these changes, the format of property tax bills for 2009 may be different than it has been in the past and may no longer show a comparison between current year and prior year’s taxes.