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Nov 1, 2024

Ontario extends property reassessment freeze, eyes student housing tax relief

Ontario’s fall economic statement confirms that the province-wide property reassessment remains paused for the 2025 tax year, sticking with 2016 property values. However, the government announced a minor adjustment to ease the tax load on specific student housing initiatives.

 

The delay allows for ongoing consultations with stakeholders, including municipalities and industry experts, to shape future assessment methodologies. The statement hints at possible changes for affordable rental housing assessments and highlights York Region’s plan to reduce property taxes for new purpose-built rentals.

 

In the meantime, the government is set to open up the Municipal Property Assessment Corporation’s database to aid municipal planning and create a centralized online assessment roll for public access.

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