The recently unveiled Fall Economic Statement by the Ontario provincial government, released on November 2, 2023, raises questions about the province's plans for property reassessment, as no clear roadmap has yet been laid out. –. The government has reiterated their commitment to reviewing the system to ensure fairness, transparency, and economic growth. However, with no clear plan, uncertainty remains for property owners and investors in the coming years.
With the continued absence of a reassessment, it has become increasingly vital for property owners to actively manage their assessments to ensure fairness and equity within their tax burden.
At Avison Young, we understand the importance of taking a proactive approach in light of this omission. Our team specializes in guiding property owners through the complexities of property assessment, and we encourage you to reach out to us promptly. It is crucial to act now to ensure that your property's valuation aligns with market realities in anticipation of tax rates that are likely to adjust due to the absence of reassessment. Avison Young’s tax team is armed with cutting-edge technology that delivers rapid and reliable market data to assist in making quick and efficient determinations on the fairness and equity of your assessments.
It is important to note that property owners have until March 31, 2024, to initiate appeals. Taking action now affords ample time for a comprehensive review of your portfolio. Our team of experts is readily available to assist you through the appeals process, providing you with the best opportunity to secure a reduced tax burden.
As always, we stand as your trusted partner, offering expertise and insights to help you navigate property assessments and taxation. Our commitment is to provide exceptional service and support to property taxpayers across Ontario.
For more information and to connect with our experts, please visit our website at avisonyoung.ca/contact.