In fall 1998, the nine municipalities within York Region issued 1998 commercial, industrial and multi-residential property tax bills that reflected the full impact of the Current Value Assessment system introduced by the Ontario Government. These Provincial tax reforms reduced property taxes for some property owners and increased them for others. Tax decreases for these three years will be limited accordingly to fund these caps. The caps only apply to provincial reforms.
Municipal increases are additional.
The Province s changes affect only commercial, industrial and multi-residential property taxes. They will have no impact on residential property taxes or residential condominiums.