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May 3, 2001
Residential Property Tax Phase-in Program Approved by Council
  
Finance - Today, Toronto City Council approved a three-year plan, with a
threshold of $300 on increases and $150 on decreases, to assist residents in
managing their Current Value Assessment (CVA) impact. (Link to the schedule ] (in PDF file format) to see how this plan will work.) In total, 59 per cent of residential taxpayers are experiencing a CVA-related tax decrease and 41 per cent will see an increase. Under this Council-approved plan, 62 per cent of residential taxpayers' CVA-related tax changes will be phased in by 2001, 84 per cent by 2002 and the balance by 2003. Twenty per cent of property owners are still experiencing an impact from the 1998 assessment. Properties that have a phase-in increase remaining from the 1998 re-assessment will continue to pay these remaining amounts in 2001 and 2002, while properties that are entitled to additional decreases will continue to receive their decreases over the next two years. Tax Deferral Program Senior or disabled homeowners who have a low-income (household income of $35,000 or less) will be able to defer all or part of the tax increase resulting from the 2001 CVA and the 2001 levy increases, if they are: 50 years of age or older or receiving disability benefits. Individuals who have owned and occupied their home for at least one year may be eligible for the program. The deferred taxes are treated as a special lien against the title of the property and must be paid back when the property is sold or there is a change in ownership. No interest is charged on the deferred tax amount. Participants must apply for the program annually. To request an application form, which includes details of the program, please call 416-394-2480 or 416-338-4829. For 2001 tax deferrals, applications must be received by August 31, 2001. For those who applied and qualified in for the program in 2000, an application 2001 will be automatically mailed.
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