There are two key dates at the beginning of every year:
- February 28th, (retroactive for the previous calendar year), and
- March 31st (for the current tax year)
We just inspected the newly renovated property of a new client. They had acquired the property a year ago and had made alterations and dealt with environmental issues.
The trouble is they missed the Feb 28th Deadline. Under the Municipal Act you have until Feb 28th of the following year to capture tax savings that can exceed 35% in some circumstances, in the previous tax year.
Our clients receive a property tax ‘SPIKE’ test every year at the end of that tax year to capture any and all of the permitted additional tax savings that are provided to property owners for vacancy, renovation, demolition, damage etc.
We’ll identify the many different opportunities retroactive reductions of say 30% to 35% or more, in a future blog.
March 31st of the calendar year is an important date to file an appeal. These appeals occur under the Assessment Act. There are two types:
- A soft appeal – a “Request for Reconsideration” also referred to as an “R for R”, or
- A regular appeal under the Assessment Act “Section 40” – for value and classification issues. A fee is paid to the Assessment Review Board and your appeal will be scheduled into a hearing stream.
If you miss it you miss it. However, there may be circumstances where if you miss it the Assessment Review Board can consider it under late appeal guidelines.
Municipal Act Appeals are retroactive. Assessment Act Appeals are year by year. If you don’t appeal this year then you have to wait until the next tax year (unless you meet certain criteria for filing a “Late Appeal”).
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