That’s a great business idea! What will it do to your property taxes?
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Where do property tax assessments go wrong? So many ways...
Was your property tax assessment increased because of "Highest and Best Use?"
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We’ve been told for years by MPAC that high density development justifies sky-high property tax assessments. What happens when proposed developments start to fail?
Read MoreMPAC refuses to disclose potentially relevant information, and the Assessment Review Board agrees
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“He submits that it is the lawful right of the Board and the assessed person to question the accuracy of the data base and the interpretation of this data by MPAC. “
Read MoreWhen it comes to property tax assessment appeals, watch the deadlines...
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In this case all three parties seem to need (or want) more time. The Assessment Review Board was having none of it.
Read MoreIn Ontario, Property Tax Assessment appeal deadlines are VERY important
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“The City had the ability to appeal the 2013 assessment and chose not to do so. It is fair that they bear the cost of that failure.”
Read MoreOntario Property Tax Assessment - What is "Market Value" anyway?
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The last part of the definition (of current value) – “by a willing seller to a willing buyer” – that is simple enough. Isn’t it?
Read MoreDark Store Theory and Property Tax Assessment
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Lately, many property tax appeals have revolved around “Dark Store Theory”. Is this really a scheme by property tax consultants to evade taxes? Definitely not.
Read MoreFunctional Obsolescence
/One of the most frequent issues identified in assessment appeals is functional obsolescence. In short, when the building you have is different from the building you should have, there is likely obsolescence. Has the use of your building changed since it was constructed? Is your building too big? Too small? Poorly laid out for your purpose? Do you have parts of the building that are unusable? Is your building taller or shorter than you need? The answers to these and other questions may indicate the presence of functional obsolescence.
Not every case of functional obsolescence looks like the picture below. In many cases the inefficiency is easy to miss - and may very well have been!
Properties like this have had property tax assessments based on full value.