Tax Assessments For "Units"
This is just an early reminder about the decision released last year about the taxation of certain units in condominiums. As a recap, the Assessment Review Board determined that a superintendent's unit in a condominium should be assessed at a nominal rate for tax purposes. In the case the superintendent's unit was assessed at nine dollars ($9.00). The case is significant because the assessed value was so low that there are effectively no municipal taxes due for the unit. It is not solely superintendent units, but any unit that is designed to serve the other units and/or unit owners, such as guest suites, parking units, storage lockers, and maintenance/mechanical units. The deadline for filing a request for reconsideration in any given year is currently March 31st. As such, you'll want to start gathering your supporting documents soon. The condominium's lawyer should be able to assist with the process if required, for a fee of course. For more information visit the MPAC website.