p42 s1 bill 179 b179 e.pdf

Ontario — Bills

1ST SESSION, 42ND LEGISLATURE, ONTARIO ELIZABETH II, 2020 Bill

An Act to amend the Assessment Act to exclude the speculative sales of properties when determining the current value of land Mrs. R. Martin Private Member’s Bill 1st Reading March 3, 2020 2nd Reading 3rd Reading Royal Assent Bill

An Act to amend the Assessment Act to exclude the speculative sales of properties when determining the current value of land Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: 1

Section of the Assessment Act is amended by adding the following subsections: Assessed value, speculation area

(1.1) For the purposes of determining the current value of land, consideration shall not be given to speculativ e sales of properties if the land meets the following criteria: 1. The land is classified in the commercial or industrial property class. 2. The land is located in an area in transition. 3. The land has been identified by the municipality, by by-law, as being subject to this subsection.

Definitions

(1.2) For the purpose of subsection (1.1), “area in transition” means an area located in a municipality that, (

a) meets the prescribed criteria, and (

b) has been identified by the municipality, by by-law, as an area that is experiencing speculative sales of properties related to redevelopment; (“secteur en transition”) “speculative sales of property” means sales of property that meet the prescribed criteria . (“ventes spéculatives de biens”) Regulations

(1.3) The Minister may make regulations prescribing criteria for the purposes of the

definitions set out in subsection (1.2). Commencement This Act comes into force on a day named by proclamation of the Lieutenant Governor.

Short title The

short title of this Act is the Assessment Amendment Act (Areas in Transition), 2020. ______________ EXPLANATORY NOTE The Bill amends the Assessment Act to exclude speculative sales of property from the determination of the current value of land in the commercial or industrial property class in specified municipal areas.

Document details

Collection	Ontario — Bills
Citation	p42 s1 bill 179 b179 e.pdf
Type	bill
Volume / chapter	p42 s1 bill 179 b179 e.pdf
Language	en
Format	json
Source	PROVINCIAL
Identifier	5941e06910023d70e6337c8094a7acde38b3df77

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