It would also not be unreasonable to expect a third legislative package to be introduced later this year to deal with further assessment and taxation issues. For example, one of the key issues which still has to be addressed is the identity and structure of the new assessing authority. Over the weeks and months to come, Focus will present further analysis and commentary on the developments in assessment and taxation reform in Ontario. The Ministry of Finance has begun the task of drafting regulations under the Assessment Act. This draft regulation contains definitions of the types of real property to be included in certain classes.
Further regulations dealing with the remaining property classes have yet to be issued.
The draft property class regulation has been released into the public domain as the Ministry of Finance is interested in receiving feedback and comment from the public. The opportunity still exists for the public to offer its input. Juris Smolinskis For the benefit of our readers, the full text of the draft regulation is reproduced below. Please read our website legal disclaimer .