Ontario property tax & COVID-19: 5 property tax actions to take right now
Address losses due to COVID-19 by taking these five actions recommended by our property tax experts.
Are you experiencing cash flow problems as tenant rents go unpaid or business operations are interrupted? Several municipalities are delaying interest and penalties for late payments or deferring tax payment dates. Altus Group is maintaining an updated list of changes.
Document Financial Loss
Ensure that you keep track of the costs of shutdowns, production freezes, rent abatements, tenant loss and other impacts on revenue – this evidence will support any rebate applications or assessment appeals.
The Municipal Act provides an opportunity to apply for rebates due to catastrophic events like fire/demolition, damage and “other.” It is not clear at this time how municipalities are likely to respond; however, an application for reduction of 2020 tax can be filed any time up to Feb 28, 2021.
File Appeals/Reconsideration Requests
If you do not already have open or pending appeals/reconsideration requests for the 2017-2020 assessment cycle, please be aware that the appeal deadline of March 31, 2020 has been extended until 15 days after the end of the Ontario emergency order, and the reconsideration request deadline has been extended to the following day. Click here for updates on the emergency order. Protect your ability to seek further potential 2020 tax adjustments by taking advantage of this critical opportunity to file a new 2020 appeal for any asset that has been severely impacted by COVID-19.
Speak to a professional
We encourage you to contact your local Altus representative to discuss the best options for each property. Any new inquiries may be directed to firstname.lastname@example.org. Our office is adhering to COVID-19 closure protocols, but we are available remotely to address any property tax concerns you may have.