Legal And Regulatory Issues Facing Building Owners And Property Managers

Property Assessment and Taxation

Assessment Act, R.S.O. 1990, Chapter A.31; Municipal Act, 2001, S.O. 2001, Chapter 25; City of Toronto Act, 2006, S.O. 2006, Chapter 11, all as amended The Assessment Act, Municipal Act, 2001 and City of Toronto Act, 2006 govern all aspects of real property valuation and municipal taxation in Ontario, subject only to special Acts that govern specific properties or municipalities. Generally, all real property, structures and fixtures are liable to assessment, with specified exemptions from municipal taxation such as for government and some agency properties, hospitals, public schools, certain charities, and machinery and equipment used for manufacturing purposes. Retroactive assessments can be made for the two years prior to the taxation year in the case of property not previously assessed, but this is limited to omitted assessment, and does not include a change in the assessors' opinion of value. The provincial Municipal Property