City presents Current Value Assessment impact studies|
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FINANCE - The tax impact of the 2001 property reassessment for Toronto
taxpayers is significantly less than that experienced under the 1998
reassessment. Chief Financial Officer and Treasurer Wanda Liczyk today
presented the City's Policy and Finance Committee with the first staff report
outlining the impact of Current Value Assessment on Toronto properties.
"Our preliminary analysis indicates that the tax impacts for residential
properties for 2001 on average, before any tax mitigating policies, will be
less than half that experienced in 1998," said Liczyk. Fifty-nine per cent of
homeowners are expected to experience a CVA-related tax decrease from this
round of reassessment, with the average decrease estimated at $220. Forty-one
per cent of residential properties will experience a CVA-related tax increase
arising from the 2001 reassessment. The average tax increase for this group is
expected to be around $317. In the 1998 reassessment 44% of residential
properties were faced with an average tax increase of $689.
On average, the assessment on properties in the City of Toronto increased by
24.7% between June 1996 and June 1999; from $165 billion to $206 billion. The
residential property class experienced an average increase in value of 19.85%,
the multi-residential and commercial classes experienced an increase in value
of about 40% on average and the industrial class experienced an average
increase of 16%.
City Finance staff will continue analyzing reassessment and taxation impacts
and will be presenting a detailed analysis of the available tax policy options
for all property classes at the February 2001 Policy and Finance Committee
Public Access to CVA Data
The assessment rolls for 2001 taxation are available for public viewing in all
civic centres and City Hall through the City Clerk's Office. In addition, the
City has prepared a property-by-property listing with information on the
estimated tax impacts of re-assessment for 2001. Beginning early next week,
this information will be available for public viewing in all regional branches
of the Toronto Public Library and in the City Clerk's office in each civic
centre as well as Access Toronto at Metro Hall.
Councillors will be provided with the preliminary estimated tax impacts of the
CVA reassessment on a property basis for their wards.