Property Taxes Affected by COVID-19?

The COVID-19 pandemic affected everyone, and both individuals and businesses had to make changes to adapt to this change. And recovery has not been easy as we continue to experience challenges. Many people struggled with finances because of the strain this pandemic put on both residents and business owners and started asking about financial relief to help reduce some of this new stress we were all dealing with.

Governments and municipalities created COVID-19 relief packages to help reduce financial stress and property tax was an area of concern for many owners and tenants who were unsure whether they would be able to pay. The pandemic caused many people to lose their jobs and income, and many of us were unsure how to navigate this period of economic uncertainty.

The Government is aware that these events have often lead to property tax increases for properties.

School tax is another area that is being adjusted, and this tax is included in the charges on your annual property tax notice. It is our understanding that business class (Class 6) properties will be provided with a remission order for the 2022 tax year to soften the blow in recognition that sudden and unexpected changes in property taxation creates challenges to businesses. This tax will be present regardless of whether you use the public system because education benefits every resident, including those without children in school. Commercial properties pay school tax to share in the cost of providing education in their province, and this tax is charge don every property unless it qualifies for an exemption. This particular tax was also reduced to provide owners with a lower tax bill as an added measure of relief.

The reality is that everyone has been affected by this pandemic. Some felt this impact a lot more than others, but everyone struggled in different ways. If you have any questions or concerns regarding your property tax, Sidco Property Consultants can help. We will listen to your concerns, and our team will always provide you with exceptional service. We specialize in property tax reviews, appeals and advocacy, so contact us today for more information!

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