Sales Market Highlights

2009-09-28T12:14:00.001-04:00

TREB Members recorded 50 sales of IC&I properties in June, including 24 industrial buildings of all size categories which averaged $91.66 per square foot. This compare to the $66.97 per square foot obtained from non-MLS sources.

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ICI Source Team Update #1

2009-09-18T00:07:00.003-04:00

ICI Source Team Introducation VIdeo. Peter Mazzuchin

2009-09-18T00:05:00.003-04:00

Vacancy Rebate Program Legislation

2009-09-16T17:49:00.001-04:00

Vacancy Rebate Program Legislation

Have you ever wanted to get back a property tax rebate? Well, this may be just what you need and one of our valued Team Members, James Tasca has discovered this obscure legislation which could net a tidy property tax rebate! Section 364 of the Municipal Act, 2001 requires municipalities to provide a tax rebate to property owners experiencing vacancies on properties/buildings of a minimum of 90 consecutive days. Under the Municipal Act, the onus is on the property owner to apply to the municipality for a tax rebate for any portion of the property that becomes vacant. Applications are accepted no more than twice yearly. Interim applications covering the period of January to June must be submitted by July 31^st. The last day to apply for the rebate is February 28^th of the year following the year for which application is being made. [1]

The rebate is calculated on the proportion of the property’s CVA attributable to the vacant space. Applications are reviewed by the municipal staff, but the apportioned amounts come from MPAC. The property owner has the right to appeal any rebate issued by the municipalities to the Assessment Review Board (ARB) within 120 days from the date the rebate is received. The onus is on the municipality to defend the rebate calculation, if it is appealed to the ARB. [1]

The tax rebate eligibility and calculation is as follows:

· 30% of the tax attributable to the vacant space in commercial buildings

· 35 % of the tax attributable to the vacant space in industrial buildings

· A single percentage for both classes between 30% and 35% if upper/single tier municipalities have passed a by-law to that effect pursuant to sec 313(4) of Municipal Act, 2001. [1]

Eligible Industrial Property:

· Vacant for at least 90 consecutive days

· Space must not be used or occupied

· Space must be physically delineated from the used area. [1]

Eligible Commercial Property:

· Vacant for at least 90 consecutive days

· Space must not be used or occupied

· Space must be physically separated from any used area

· Must be rentable and capable of being leased for immediate occupation

· Or, is not fit for occupation [1]

Rebate Calculation Formula:

· Rebate = Value of Vacant Area X Total Adjusted Rate X Number Vacant Days X 30% or 35%

If this all sound a little confusing, feel welcome to email or call us for assistance because we’re here to help you get your property tax rebate!

Sources

[1] “Issues on Billing and Additions to the Roll” Property Taxation and Assessment Program A Municipal Perspective. Association of Municipal Tax Collectors of Ontario, 2008. 18-19.

GTA Keller Williams Commercial Team Blog

Sales Market Highlights

ICI Source Team Update #1

ICI Source Team Introducation VIdeo. Peter Mazzuchin

Vacancy Rebate Program Legislation