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Wednesday, September 9, 2009

How to Save on Property Taxes (ON Srs. & Persons with Disabilities)

There is nothing as sure as death & taxes, but there may be some relief in sight!
Property Tax Relief for Low-Income Seniors and Low-Income Persons with Disabilities: "Low-income seniors and low-income persons with disabilities who own residential property may be eligible to receive relief from property tax increases that resulted from assessment reform.

Under the Ontario Fair Assessment System (under section 373 of the Municipal Act), municipalities are required to defer or cancel property taxes or provide other relief in respect of tax increases resulting from assessment reform on residential properties owned by low-income seniors, low-income persons with disabilities, or their spouses.

Municipalities have the flexibility to determine the amount of tax relief and the form of relief, and they are responsible for determining who will be eligible for relief."

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