A property tax is a levy based on the assessment of property value and issued by a municipality. A home owner - who has registered in the Land Title office as at November 30th of the year in which the assessment roll is completed - is liable for the full payment.
We should be aware of the following dates on the annual assessment calendar:
July 1 - It’s the valuation date for assessment roll.
October 31 - it’s when a property’s state and condition is established for assessment notice. From July 1 to October 31, if the status of a property changes materially, the actual value of the property as of October 31 is the value which will be used for the assessment roll.
November 30 - It’s when an ownership established. According to the Assessment Act, the assessor only uses the land title office records as of November 30. If a closing date of sale is later than November 30, the new owner will not be shown on the assessment roll, therefore he/she will not be liable for the subsequent year’s property tax.
December 31 - It’s when assessment rolls must be completed and assessment notices must mail to registered owners.
January 31 - It’s the last date for a registered owner to file a “Property Assessment Complaint” to the Property Assessment Review Panels, whom you must first appeal to.
March 31 - It’s when Property Assessment Review Panels confirm and authenticate the assessment roll.
April 30 - It’s the deadline for a registered owner, who is dissatisfied with the panel’s decision, to file an appeal to the Property Assessment Appeal Board, the second level of appeal for property assessment.
On the other hand, there are certain classes of properties are granted full or partial exemption from property tax basis on the different ownership, such as public libraries, public hospitals, churches, Indian reserve lands, non-profit housing for the elderly, and so on.
Please stay tune for other taxes on real property in my following post.