Property owners and tenants in Ontario have until March 31, 2021 to file an appeal or request for reconsideration to challenge their property tax assessments.
There are several reasons taxpayers should consider filing an appeal in this final year of the current assessment cycle in Ontario. For example, if the COVID-19 pandemic has had a detrimental impact on the value of a property, an appeal should be considered, even if an appeal was previously filed and resolved in an earlier year of the assessment cycle. Similarly, taxpayers should consider filing an appeal if:
- A new property has been acquired in the last 12 months;
- There has been a change in use in all or a portion of a property;
- Physical changes to a property have been experienced, such as demolition, contamination, additions, etc.; or
- There has been a recent appeal decision on a neighboring property.
In addition, if the province decides to extend the assessment cycle for an additional year (as was done last year), then an appeal filed for 2021 will also automatically apply to 2022. There is also a benefit to property owners and tenants in lowering an assessment value in the current cycle, even if only for the last taxation year, since this will establish a lower valuation base for the calculation of phased-in assessments in future years.
We expect further updates on Ontario’s property tax assessment process to be released in conjunction with the province’s 2021 budget.
For a list of important Canadian property tax dates and deadlines, please visit the Ryan Canada website at: 2021 Provincial Assessment Review Deadlines and Pertinent Dates
With more than 850 global professionals in 41 cities, Ryan has the local market expertise and resources to successfully manage your organization’s property tax obligations. Our integrated team, including designated appraisers, former local assessment officials, engineers, attorneys, paralegals, and financial analysts, can maximize potential property tax refunds while ensuring compliance with the regulatory requirements in all Canadian jurisdictions.
For more information or to discuss your current situation, please contact your Ryan account representative or the Ryan TaxDirect® line at 1.800.667.1600.