Industrial and commercial properties that experienced repairs, renovations, and demolitions during the 2023 calendar year might qualify for a municipal property tax rebate.
As we approach the filing deadline on February 29th, 2024, it is crucial to understand the eligibility criteria and how BDO can facilitate the process.
Who is eligible for a tax rebate?
To qualify for a tax rebate, commercial and industrial property owners should review the summarized eligibility requirements provided below:
- The property has become unstable or unusable due to damage, fire, or natural disaster.
- The property has undergone repairs and renovations that prevented its normal use for more than 90 consecutive days.
- The property has changed its primary use (for example, from manufacturing to warehousing).
- There is an error in the property assessment or classification, resulting in an incorrect tax rate being applied.
How BDO can help
We understand the intricacies of the proposed rebate and can help you navigate the requirements and processes with ease. Our team can work with you every step of the way to complete the necessary paperwork required to achieve the maximum rebate available.
The information in this publication is current as of January 15, 2024.
This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.