Improving Assessments For Special Purpose Business Properties
Ontario Working to Increase Fairness, Accuracy and Predictability of Property Assessments
Ontario is examining ways to improve the system that assesses special purpose business properties such as landfills, mills, industrial lands, farms, billboards and wind turbine towers, through a report issued today by Steven Del Duca, Parliamentary Assistant to the Minister of Finance.
The Parliamentary Assistant led a Special Purpose Business Property Assessment Review that developed recommendations to ensure Ontario's property assessment system is fair, accurate and predictable, including:
- Clarifying and refining how special-purpose business properties are assessed.
- Reviewing the timelines for, and streamlining and improving the efficiency of, the assessment appeal process.
- Considering other opportunities to strengthen the property assessment system, such as increased transparency, predictability and accuracy of assessment methodology and improved data accuracy.
The Ministers of Finance and Municipal Affairs and Housing will review the recommendations and determine how to move forward on them in 2014.
Improving the fairness, accuracy and predictability of the property assessment system is part of the government's economic plan to invest in people, build modern infrastructure and support a dynamic and innovative business climate across Ontario.
- The review was led by Steven Del Duca, Parliamentary Assistant to the Minister of Finance, as part of a commitment made in the 2013 Ontario Budget to strengthen Ontario’s property tax system. It builds on steps that the province has successfully implemented to enhance the stability and predictability the system, including a four-year reassessment cycle and four-year phase-in program.
- The review included extensive consultations with municipalities, the Municipal Property Assessment Corporation, Assessment Review Board and business taxpayer representatives. It recommends a consultative and collaborative approach to implementation.
- Ontario’s property assessment and tax system plays a fundamental role in supporting municipal services and the province’s public school system. Property taxes raise approximately $24 billion per year in Ontario that support municipal services and the province’s public school system.
“I am confident that this report provides the appropriate recommendations that will, when implemented, provide all participants in the system with the fairness, accuracy and predictability that they deserve.”
“I would like to thank all participants for contributing to the Special Purpose Business Property Assessment Review report. These important changes are needed to improve the property assessment system for unique properties and I look forward to reviewing their recommendations in further detail with the Minister of Municipal Affairs and Housing.”