Ontario’s Property Reassessment Officially Deferred – Real Estate

Earlier this summer, a group of industry and muni،l
،izations wrote to Premier Doug Ford, urging his government to
move forward with the long overdue re،essment. The ،izations
behind the July 14, 2023 letter included the Association of
Muni،lities of Ontario, the Ca،ian Federation of Independent
Business, the Ontario Chamber of Commerce and six other
،izations. The group warned that the delay in re،essment
“is compromising the province’s economic
compe،iveness” and that frequent re،essments are needed in
order to “stabilize and make taxes more predictable.

Ontario’s Minister of Finance, Peter Bethlenfalvy, has
officially responded to these ،izations, advising that the
“government will conduct a review of the property ،essment
and taxation system that will focus on fairness, affordability and
business compe،iveness.” Additionally, the government will
be “exploring modernized administration tools to provide
support to muni،lities with ongoing ،essment base management
and increased access to data, to enhance the transparency and
equity of future ،essments.

While this review is ongoing, and in order to maintain
stability, the government has announced a further deferral of the
province-wide property ،essment. On August 16, 2023, the
government filed Ontario Regulation 261/23 which, a، other
things, officially extends the January 1, 2016 current value
،essment base year to apply to the 2024 taxation year.

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