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Meaning Of "Current Value" Uncertain On Eve Of Province-Wide Reassessment.

Publication: Mondaq Business Briefing
Publication Date: 11-JUN-08 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Meaning Of "Current Value" Uncertain On Eve Of Province-Wide Reassessment.(Municipal Property Assessment Corporation)(Assessment Act )

Article Excerpt
All properties in Ontario will receive new notices of assessment in 2008 that will serve as the basis for municipal property taxation for 2009 to 2012. In accordance with the requirements of the Assessment Act, these new assessments will be based on January 1, 2008 "current values" determined by the Municipal Property Assessment Corporation (MPAC). However, the meaning of "current value" has been thrown into uncertainty as a result of the recent decision of the Assessment Review Board in the "Bank Towers" case (BCE Place Limited et. al. and Municipal Property Assessment Corporation and City of Toronto).

In 1997, the Assessment Act was amended to require all real property in Ontario to be assessed on the basis of "current value," which the Act defines as "the amount of money...

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