Property Tax
REMI Network
Property reassessment still on hold in Ontario
Ontario’s fall economic statement confirms that property reassessment is still on hold, but a small tweak is in the works to alleviate the tax burden on some student housing projects.
Canadian Apartment Magazine
Purpose-built rental property tax status in flux
Toronto is among Ontario municipalities contemplating a recently authorized optional property tax subclass to convey discounted tax rates for newly constructed purpose-built rental housing.
CondoBusiness
Chronic property tax arrears at Toronto condo
Chronic property tax arrears at a downtown Toronto condominium complex now amount to more than $10.2 million on 15 units held by five different owners.
Canadian Property Management
Ample revenue sources on municipal wish list
The Federation of Canadian Municipalities is proposing a new fiscal framework that's less reliant of property tax and better tailored to the complex demands local governments face.
Canadian Apartment Magazine
Alberta proposes new tools to accelerate housing development
If passed, Bill 20 will enable municipalities to offer multi-year residential property tax exemptions to encourage more housing development, among other new tools.
Canadian Apartment Magazine
Potential property tax relief looks uneven
A potential incentive for new purpose-built rental housing in Ontario comes with adverse implications for existing multifamily properties, thanks to the mathematics of property tax allocation.
Canadian Property Management
Toronto strip plazas considered for tax discount
Nearly 30 per cent of Toronto strip plazas are in line for a property tax break if City Council approves the proposed new measure in its upcoming 2024 budget deliberations.
Canadian Property Management
Commercial ratepayers carry heftier tax share
Commercial ratepayers took on a larger share of the property tax burden in eight of 11 large Canadian cities this year, with 2023 commercial tax rates more than tripling residential tax rates in six of those cities.
Canadian Property Management
Ontario keeps clinging to 2016 market values
The recent regulation to postpone Ontario's property reassessment for another year stretches the assessment cycle to double its originally intended time span.
Canadian Property Management
Toronto strives to find more cash
Commercial properties are central to Toronto’s efforts to find more cash as the city government considers how to address massive budget shortfalls projected for 2024 and into the future.
Canadian Property Management
Discount coming on Alberta’s education mill rate
The Alberta budget confirms a $2.5 billion education property tax levy for 2023, which is consistent with last year's requisition but to be spread across an expanded assessment base.
REMI Network
Vancouver approves 10.7% property tax hike
Homeowners now face an average property tax increase of 10.7 per cent after Vancouver City Council approved an operating budget of $1.97 billion for 2023.
Canadian Property Management
B.C. boosts assessment appeal filing fees
Assessment appeal filing fees are jumping from $30 to $300 for British Columbia's commercial and industrial property owners, but remaining static for other property classes.
Canadian Apartment Magazine
Reassessment ups NS multifamily property values
Many multifamily landlords in Halifax have seen a jump in their property values with Nova Scotia’s most recent reassessment based on January 2022 market values.
Canadian Property Management
Commercial ratepayers confront widening tax gap
Commercial property tax rates climbed and commercial-to-residential tax ratios widened this year in the majority of large Canadian cities Altus Group surveys for its annual benchmark report.
Canadian Property Management
Property tax relief looks iffy in New Brunswick
Beginning in 2023, municipalities will have flexibility to pull more revenue from their non-residential tax base, potentially cancelling out a phased 15 per cent reduction in the provincial property tax rate that was introduced this year.
Canadian Property Management
Property tax discount conveyed via honour system
A report to Toronto Council confirms there is no legal or practical mechanism to compel unwilling landlords to pass the benefits of the small business property tax subclass through to tenants with gross leases.
