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Property tax changes await election
O
ntario homeowners upset over their property tax assessments will have to wait at least until the end of the year end before they can expect any relief. Provincial Finance Minister Greg Sobara told reporters the Ontario government will not introduce any changes before the municipal elections in November.
"The system is not perfect and we're looking at a process to see how we can make improvements," he said.
Mr. Sorbara also said he is not taking any position on capping annual property assessments at five per cent for the province's more than four million property taxpayers, because the government would have to recoup the lost revenue elsewhere. The Municipal Property Assessment Corp. (MPAC), which does the property value assessments, is looking into whether there should be a cap on how much values can change from year to year.
Mr. Sorbara said no one has come up with the solution or answer to the question of who should be paying more to make up for the lost property tax revenues.
June 30, 2006 in Legal Considerations | Permalink
