Owners of Commercial/Industrial properties in Ontario should be aware of the following circumstances where a property might qualify for a tax rebate:
Vacancy
If all or a portion of a building is "clearly delineated" from the rest of the building, has been vacant for a minimum of 90 continuous days, and is not leased.
Changes In Property Use
If a property has experienced a change in use in 2009.
Repairs/Renovations
If a property has undergone repairs or renovations in 2009 that prevented its "normal use" for a period of at least three months.
Demolition/Damage
If the property has been demolished, destroyed or damaged such that it is "substantially un-usable" for its purposes.
Exemption
If the property became exempt from taxation during 2009.
Tax Billing Errors
In addition to the above circumstances, if a taxpayer believes they have been overcharged due to a "gross or manifest error" that is clerical or factual in nature, they can apply to the municipality for a refund of taxes based on the error. The taxpayer may wish to consult a property tax expert in this regard.
Rebates For Charity Tenants
Finally, tenants who are registered charities under the Income Tax Act are eligible for a rebate of a portion of taxes paid.
APPLICATION DEADLINE
The deadline for applying to the local municipality for tax relief in any of the above situations is MARCH 1, 2010.
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.