The current pandemic crisis is having a devastating financial
impact on many business sectors. Those in the real estate industry
are naturally worried about rental income, mortgage payments, and,
of course, payment of property taxes. Regarding this latter
concern, some property owners have asked: "Should I be
appealing my property assessment in 2020 to secure property tax
relief due to COVID-19?"
Property Taxation and Assessment Lawyer
Melissa Muskat addresses this topic and related questions
below.
Understanding how your 2020 tax year property assessment value
is determined:
Property taxes are based on property assessment values (current
values) and the property assessment valuation process is
retrospective. It values properties based on a market valuation
date in the past. For the tax years 2017 – 2020, the
valuation date is January 1, 2016. (*Due to the
Province's recent postponement of the next Provincial
re-assessment, the January 1, 2016 current value
