28 February 2008 QUEEN’S PARK—The Assessment Review Board’s recent decision to allow the property assessment appeal of six of Toronto’s largest office towers is yet another glaring example of a faulty property assessment system that badly needs fixing, says NDP Property Tax and Assessment Task Force Chair Michael Prue. The ARB’s decision means the office towers will see their assessments reduced substantially – and level the financially beleaguered City of Toronto with a huge revenue hit. “This is a double whammy. Both the the City of Toronto—and Toronto’s taxpayers—will now be on the hook for millions in property tax refunds. Who will make up this shortfall?” asked Prue. Currently, Toronto and Ontario’s municipalities are forced to use property tax dollars to pay for provincially mandated programs such as Ontario Works, childcare and social housing. Despite promises to ‘upload’ these responsibilities, the Premier has yet to fulfill these obligations and lighten the load on Ontario’s overburdened property taxpayers. “Simply put, the McGuinty government has created this mess through its inaction. They must put a temporary freeze on the commercial appeal process and change the law to prevent further decisions like this one that leave individual taxpayers holding the bag.” The NDP’s property tax task force, which held consultations across Ontario, and the province’s ombudsman both revealed that the assessment process and tools used by the Municipal Property Assessment Corporation (MPAC) have been problematic since the inception of the arms-length assessment corporation. “This latest ruling by the ARB points to the urgent need for a thorough revamping of the assessment system by which MPAC measures all property values. The McGuinty government needs to step up to the plate and fix this mess,” said Prue. -30- Media Inquiries: Laurie Orrett (416) 325-1303 |
