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Earlier this year, the provincial government began a review of the Assessment Act, 2006. CFIB has presented your views and recommendations on the property assessment process. There is a general sense of a lack of transparency and accountability in how assessments are determined, but for the most part the assessment process is performing well.
Of greater concern is the mill rate, over which the municipalities have complete control. Regardless of the higher property assessment values, very few municipalities reduced the commercial property and business mill rates. This effectively increased the commercial property tax bill.
Assessments have been issued for 2017 and you have until the first week of November to appeal if you wish (check your assessment notice for the exact date).
There is a benefit to receiving your notices early. You will be able to budget for 2017 assuming your commercial property and business mill rates do not change.
Simply add the commerical property and business mill rates together, multiply this by your assessment value, and divide by 1000.
CFIB continues to work on your behalf to raise awareness of the effects of municipal taxes on your business and to present solutions to our municipal leaders that will allow you to create jobs and grow the local economy.