Property owners are aware of the significantly increased assessments that have been returned for the 2009 taxation year. Our previous Advisory reported on the 2009 assessments and provided information on how to appeal.
In addition to the tax relief that could result from a successful assessment appeal, there are also opportunities for significant tax savings for business properties that met certain qualifications in the 2008 taxation year.
If your business property experienced one of the following in 2008, you should consider filing an application for a tax rebate:
- A PORTION OF THE PROPERTY WAS VACANT FOR AT LEAST 90 CONSECUTIVE DAYS IN 2008
- THERE WAS VACANT OR EXCESS LAND CREATED IN 2008
- A PORTION OF THE PROPERTY WAS SUBJECT TO REPAIRS OR RENOVATIONS THAT PREVENTED ITS NORMAL USE FOR A PORTION OF 2008
- THERE WAS DEMOLITION OR DAMAGE TO THE PROPERTY IN 2008
- THERE WAS A CHANGE IN THE PROPERTY'S USE IN 2008
In addition, buildings that have charitable organizations as tenants are also eligible for rebates.
IF ANY OF THE ABOVE APPLY TO YOUR BUSINESS PROPERTY, THE DEADLINE FOR FILING AN APPLICATION FOR A TAX REFUND TO THE RELEVANT MUNICIPALITY IS MARCH 2, 2009.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
