role="main" class="main-container container js-quickedit-main-content" id="main-content">

Bill 179, Assessment Amendment Act (Areas in Transition), 2020

Martin, Robin

Please select

View bill

Status

Debates

Acts affected

Original

Bill 179 Original (PDF)

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.

Bill 179 2020

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:

Section 19 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 speculative 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 .

Date Bill stage Event Outcome Committee

March 3, 2020

First Reading

Vote

Carried

Debates and Progress

First Reading

March 3, 2020

Committee

Second Reading

Committee

Third Reading

Royal Assent

Acts affected - Bill 179

Most Ontario public acts are available electronically; to view copies of the Acts to be amended by this bill visit e-laws

Assessment Act

Legislative Assembly of Ontario

Was this page helpful? Yes , I found this page helpful. An optional survey will open in a new tab. No , I didn’t find this page helpful. An optional survey will open in a new tab.

Back to top