Provincial land tax plt ministry of finance information sessions august 2008
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Provincial Land Tax (PLT) Ministry of Finance Information Sessions August 2008. Key Information on PLT Reform. No new revenue from PLT About ½ of properties will see tax decreases Of those with increases, 90% up less than $150. Today’s Agenda. Opening Remarks (5 minutes)

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Provincial Land Tax (PLT)Ministry of FinanceInformation SessionsAugust 2008


Key information on plt reform l.jpg
Key Information on PLT Reform

  • No new revenue from PLT

  • About ½ of properties will see tax decreases

  • Of those with increases, 90% up less than $150

Ministry of FInance


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Today’s Agenda

  • Opening Remarks (5 minutes)

  • Explain PLT reform (15 minutes)

  • Answer questions, receive feedback (100 minutes)

Ministry of FInance


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Context

  • PLT properties last assessed in 1940s

  • Antiquated assessment appeal process

  • No enumeration in Unincorporated Territory

    • Unfair apportionment of DSSAB costs

  • Inefficient billing practices

Ministry of FInance


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Assessment Reform

  • PLT based on Current Value Assessment (CVA)

    • 2009

  • Assessment notices – Fall 2008

  • Reformed appeal process

  • Large increases in assessment do not mean large increases in taxes

    • Reform will not increase provincial revenues

Ministry of FInance


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Tax Reform

  • Standard property classes for PLT

  • Multi-residential rate = residential rate

    • Farm/Managed Forest = 0.25 residential rate

  • Interim-PLT combined with PLT in school boards

  • Minimum tax remains $6.00 per year

  • Average residential tax -- $130

  • Of those with tax increases, 90% up less than $150

Ministry of FInance


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Maximum PLT Rates 2009-2012 Current PLT Rate 1.5 per cent

Ministry of FInance


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Estimating PLT

Ministry of FInance


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Examples

Ministry of FInance


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Impacts of Reform

  • About ½ of properties will see tax decreases

  • About ½ of properties will see tax increases

  • Of those with increases, 90% up less than $150

Ministry of FInance


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Local Roads and Services Boards

  • Some LRBs / LSBs use PLT tax base

    • Will use CVA from 2009 on

  • Option to join “one-bill” system

    • With PLT and Education taxes

  • More information and tools this Fall

Ministry of FInance


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As further information becomes available….

  • Ministry of Finance Website

    • www.fin.gov.on.ca

  • Ministry of Revenue Website

    • www.rev.gov.on.ca

  • Ministry of Revenue Call Centre

    • 1-866-668-8297

Ministry of FInance


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Questions?Comments?

Ministry of FInance


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