BCA Flashcards
(32 cards)
January 31
Property Assessment Review Panel (PARP) Deadline
February 1 to March 15
Property Assessment Review Panels
April 7
PARP Decision Notices
July 1
Valuation Date
August 31
Strata and Leasehold Accommodation Properties
October 31
Physical Condition and Permitted Use
November 30
Land Title and Survey Authority Records
Early-December
Input Cutoff Date
December 31
Assessment Rolls and Notices
single-family residences, multi-family residences, duplexes, apartments, condominiums, nursing homes, seasonal dwellings, manufactured homes, some vacant land, farm buildings and daycare facilities.
class 1
structures and land used for railway transportation, pipelines, electrical generation or transmission utilities, or telecommunications transmitters. This property class does not include gathering pipelines, offices or sales outlets.
class 2
this property class only includes eligible supportive housing property that has been designated by Cabinet. Eligible supportive housing property is funded by the provincial government or a health authority for the provision of housing that includes on-site support services for persons who were previously homeless, at risk of homelessness, and who are affected by mental illness or who are recovering from drug or alcohol addictions or have other barriers to housing. For more information, visit Classifying Supportive Housing Property.
class 3
land and improvements (buildings and structures) of prescribed types of industrial plants, including lumber and pulp mills, mines, smelters, large manufacturers of specified products, ship building and loading terminals for sea-going ships.
Class 4, Major Industry
property used or held for extracting, processing, manufacturing or transporting products, including ancillary storage. Scrap metal yards, wineries and boat-building operations fall within this category. Exceptions include properties used for the production or storage of food and non-alcoholic beverages and retail sales outlets, which fall into Class 6. For more information, visit Light Industrial vs. Business and Other Property Classifications.
Class 5, Light Industry
property used for offices, retail, warehousing, hotels and motels all fall within this category. This class includes properties that do not fall into other classes.
Class 6, Business and Other
privately-owned, forest land managed in accordance with the Private Managed Forest Land Act or the Forest and Range Practices Act. Property owners in this class have an obligation to provide good resource management practices, such as reforestation, care of young trees, protection from fire and disease and sound harvesting methods.
Class 7, Managed Forest Land
Recreational Land,Non-Profit Organization Land and Improvements
Class 8, Recreational Property, Non-profit Organization
to qualify as farm for assessment purposes, the land must produce a prescribed amount of qualifying primary agricultural products for sale, such as crops or livestock. Farm buildings come within Class 1. For more information on farm land, visit Farm Land Assessment.
Class 9, Farm
“Taxable value”
property’s actual value minus the value of any tax exemptions.
Examples of exemptions providing full relief from property taxes
• Property owned by the federal or provincial government is fully exempt from property taxes for all purposes: section 125 of the Constitution Act.
• Property owned by a municipality is fully exempt from property taxes for all purposes: section 220(1)((b) of the Community Charter; and section 131(1) of the School Act.
Examples of exemptions providing partial relief from property taxes
• 50% of the assessed value of a parcel of land in Class 9 – farm is exempt from school taxes: section 130(1)(a) of the School Act.
A common misconception is that a significant change in your ____________ will result in a proportionately significant change in your __________.
The most important factor is not how much your assessed value has changed, but how your assessed value has changed____________ to the average change for your property class in your municipality or taxing jurisdiction. You can find your property class on your assessment notice next to your assessed value.
assessed value, property taxes, relative
Example A: Your property is currently assessed at $540,000, based upon a valuation date of July 1 last year. Your previous assessed value was $450,000. Your property increased 20% in value, while the average increase for your property class was 30%.
Since your property increased LESS THAN the average for your property class, you will likely see a __________ in your property taxes.
decrease
Adaptive Reuse
building converted to a different use in order to meet current demand.
Examples include a factory converted to retail use or an office building
converted to a school. (Also see conversion)
