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Provincial Land Tax (PLT) Ministry of Finance Information Sessions August 2008

Get information on the Provincial Land Tax (PLT) reform, including no new revenue from PLT, decreases in taxes for about half of properties, and answers to questions and feedback. Learn about assessment reform, tax reform, maximum PLT rates, and the impacts of the reform.

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Provincial Land Tax (PLT) Ministry of Finance Information Sessions August 2008

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  1. Provincial Land Tax (PLT)Ministry of FinanceInformation SessionsAugust 2008

  2. 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

  3. Today’s Agenda • Opening Remarks (5 minutes) • Explain PLT reform (15 minutes) • Answer questions, receive feedback (100 minutes) Ministry of FInance

  4. 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

  5. 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

  6. 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

  7. Maximum PLT Rates 2009-2012 Current PLT Rate 1.5 per cent Ministry of FInance

  8. Estimating PLT Ministry of FInance

  9. Examples Ministry of FInance

  10. 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

  11. 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

  12. 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

  13. Questions?Comments? Ministry of FInance

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