The financial operations of commercial real estate have been dramatically impacted in the past few years. This is placing ever greater emphasis on reducing operating expenses. In Ontario property owners will (this year, as in every other year under the current legislation) have two property tax savings opportunities. First, they can appeal their 2024 property tax assessments. Second, owners of commercial, industrial, and multi-residential properties, (for this purpose, commercial includes property used for office, retail, food services, or other general commercial uses), can apply for a rebate of 2023 property taxes where the value of their property has been significantly negatively impacted by specified events relating to the physical condition and use of the property. There is no better time than now for property owners to scrutinize their 2024 property tax assessments for grounds for assessment appeals, and to consider potential 2023 property tax rebate opportunities.
2023 Property Tax Rebates
Depending, on the specific circumstances, if your commercial or industrial classed property experienced a significant event such as: demolition, damage from fire or other causes that rendered it substantially unusable, extensive repairs or renovation which prevented its use for 3 months or longer, or a change in its use it may be appropriate to apply for a rebate of 2023 property taxes.
If your property experienced any of these events, or other similar circumstances which adversely impacted its value in 2022, please contact us by February 15, 2024, to confirm eligibility for a 2022 property tax rebate. The deadline for filing 2022 property tax rebate applications is February 29, 2024.
2024 Property Tax Assessment Appeals
Property owners with any concerns regarding the correctness, accuracy, or equity of their 2024 property tax assessment should consider filing a 2023 assessment appeal. Please contact us by March 15, 2024, if you wish to discuss the merits of filing a 2023 property tax assessment appeal. The deadline for filing 2024 property tax assessment appeals is April 2, 2024.