NewsNow E-Edition October 3 2024 – View Online

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The tax man cometh…but he’s been COVID delayed

By Mike Williscraft

NewsNow

The changes in average real estate value numbers from 2011 to 2021 are impressive:

• Grimsby up 150 per cent to and average of $866,000;

• Lincoln up 180 per cent to an average of just over $840,000, and;

• Smithville up 202 per cent to an average of more than $783,000.

These values according to MLS, the real estate industries Multiple Listing Service.

That’s the good news.

The bad news is, the tax man is coming.

Ontario has not had an update on property tax values since 2016.

Prior to Christmas MPAC (Municipal Property Assessment Corporation) president, Nicole McNeill announced further delay in implementing updated numbers would be instituted due to COVID-19 impacts.

Property taxes for the 2022 and 2023 taxation years will continue to be based on the Jan. 1, 2016 valuation date. Property assessments will remain the same as they were for the 2021 tax year, unless there have been changes to the property.

“When MPAC does update property values in 2024, residents can expect to see shifts in the proportion of taxes they pay based on if their property value went up more or less then the average property in their municipality,” said Melanie Steele, Grimsby’s interim director of finance.

“The update in 2024 will be the first update since Jan. 1, 2016 and could represent significant change for some property owners at that time.”

Nicole McNeill, MPAC president and chief administrative officer, said the organization will push ahead with all areas of its mandate regardless of the  adjustment moratorium.

“This announcement does not change the work we do to maintain the assessment roll, including the addition of new assessment. We understand the importance of revenue generated from ongoing construction and renovation projects, and we will continue to capture the value of these changes throughout the year,” said McNeill.

“We will also continue our work to provide you with market analysis and insights to support you in managing your assessment base and planning for the future.

In addition to the postponement, other highlights from MPAC’s Fall Economic Statement include:

• Temporary suspension of the five per cent cap on the payments in lieu of property tax (PILT) to municipalities until passenger volumes return to pre-pandemic levels for each airport.

• Simplifying the legislative requirements with respect to the assessment of pipeline properties, including the designation of pipelines by owners.

• Several farm property-related measures: Changes to small-scale on-farm business subclass, extending the farm property tax treatment that currently applies to the processing of maple sap to include all edible tree saps and increasing the current limit on the property tax exemption for farm woodlots from 20 to a proposed 30 acres.

• Streamlining and simplifying application processes for the Farm Property Class Tax Rate Program.

·  Our work to develop an annual performance report beginning in 2022, which will contain many elements from our Service Level Agreement and is one of the ways we will demonstrate accountability and transparency in our work.

“Over the coming weeks we will be meeting with our municipal partners to talk about how we will continue to work in partnership with you to support efforts to modernize the sector, and ensure we are in the best possible position to deliver the next assessment update,” said McNeill.

 

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