Ontario Property Assessment – Self Storage Industry Update
In lieu of the provincial budget that had been planned for March 25, 2020, the Ontario government released a March 2020 Economic and Fiscal Update. Through this update, the government has announced that the reassessment that was scheduled to be conducted in 2020 for the 2021 tax year will be postponed. The purpose of this measure is to provide stability for Ontario’s property taxpayers and municipalities, and to enable municipal governments to focus their attention on critical public health initiatives and other efforts to manage the local response to the COVID-19 outbreak.
The government also announced that it is deferring the property tax payments municipalities make to school boards by 90 days. Deferring the June 30th quarterly remittance to school boards by 90 days is intended to provide municipalities with the flexibility to, in turn, provide over $1.8 billion in property tax deferrals to residents and businesses. We will continue to keep the Ontario owners and operators informed as we receive information on COVID19 measures by MPAC, the Assessment Review Board, the Province and Municipalities. Should you have any questions or concerns about your 2021 Property Assessments, please do not hesitate to contact the CSSA.
Sincerely,
Iqbal Khan, CA-CPA, MAcc Alim Yhap, AIMA
Chairman of CSSA Property Tax Committee Property Taxation, StorageVault
T: 416.845.3020 T: 437.231.7293
E: ik@storagevaultcanada.com E: ayhap@storagevaultcanada.com