Property Tax Re-assessment for 2021 Postponed!
On March 25, 2020, the Ontario government released the March 2020 Economic and Fiscal Update. Through this update, the government announced that it has postponed the planned property tax re-assessment which was to take place later this year for the 2021 tax year, where CVAs (current value assessments) were to be based on a 2019 market value. This means that the 2016 CVAs in place for 2020 will continue to be used as the assessments for taxation in 2021.
The purpose of the postponement is to "provide stability for Ontario’s property taxpayers and municipalities" and to "ensure that municipal governments are able to focus their resources on critical public health initiatives and other efforts to manage the local response to the COVID-19 outbreak."
Should you have any questions about any of the matters discussed here, please contact Melissa Muskat at either email@example.com or at 416.369.4313.