Ontario homeowners angry over their property tax assessments will have to cool their heels until year end before they can expect any relief.
Finance Minister Greg Sobara told reporters yesterday that the government will not introduce any changes before the municipal elections in November.
“The system is not perfect and we're looking at a process to see how we can make improvements,” he said.
Mr. Sorbara also said he is not taking any position on capping annual property assessments at five per cent for the province's more than four million property taxpayers, because the government would have to recoup the lost revenue elsewhere. The Municipal Property Assessment Corp. (MPAC), which does the property value assessments, is looking into whether there should be a cap on how much values can change from year to year.
Mr. Sorbara said no one has identified to his satisfaction who should be paying more to make up for the lost revenue.
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