Homestead Act, 2006 Hudak, Tim — Bill 75 (38th Parliament, 2nd Session)

Bill 75, 38-2

Ontario — Bills

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Bill 75, Homestead Act, 2006

Hudak, Tim

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[38] Bill 75 Original (PDF)

Bill 75 2006

An Act to amend

the Assessment Act

with respect to homesteads

Note: This Act amends the Assessment Act . For the legislative history of the Act, see Public Statutes - Detailed Legislative History

on www.e-Laws.gov.on.ca.

Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

(1) Subsection 19.1 (1) of the Assessment Act is amended by striking out "subsections (2) and (3)" and substituting "subsections (2) to (6) and

section 19.1.1".

(2) Section 19.1 of the Act is amended by adding the following subsections:

Repairs

(4) If an owner of land in the residential property class has repairs, alterations, improvements or additions made to the land during the 12 months immediately preceding the valuation day for a taxation year after 2006 as determined

under subsection 19.2 (1) and if there is an increase in the current value of the land attributable to the repairs, alterations, improvements or additions, the assessment of the land for the taxation year shall be based on the current value of the

land less the amount set out in subsection (6) if the owner submits receipts for the repairs, alterations, improvements or additions to the clerk of the municipality in which the land is located within 180 days after the valuation day.

Disallowance of claims

(5) The municipality mentioned in subsection (4) may, in the assessment roll returned to the clerk under

section 36, disallow, in whole or in part, a receipt submitted under that subsection.

Reduction in current value

(6) The amount for the purpose of subsection (4) is the lesser of,

(a) $25,000; and

(

b) the value of the repairs, alterations, improvements or additions less,

(

i) the amount that the municipality disallows under subsection (5), if the assessment is not appealed to the Assessment Review Board, or

(ii) the amount that the Assessment Review Board disallows in the assessment roll that the registrar of the Board certifies under subsection 36 (4), if the assessment is appealed to the Board.

2. The Act is amended by adding the following section:

Residential property assessment

19.1.1

(1) In subsection (2),

"child" and "spouse" each have the same meaning as in subsection 1 (1) of the Family Law Act ; ("conjoint", "enfant")

"valuation day" means the day as of which land is valued for a taxation year as determined under

section 19.2. ("jour de l'évaluation")

Maximum taxable assessed value

(2) For a taxation year after 2006, subject to this section, if the owner of land in the residential property class on the valuation day for the taxation year is the same as the owner of the land on the valuation day for the

immediately preceding taxation year or is a child or spouse of that owner, the land shall not be assessed at more than an amount that is 5 per cent greater than the assessment of the land for the immediately preceding taxation year.

Reductions for seniors and disabled persons

(3) After applying subsection (2), whether or not that subsection results in a decrease in the assessment of land for a taxation year after 2006, if the land is the principal residence of the owner as defined in subsection 8 (1) of

the Income Tax Act , the assessment shall be reduced by an amount equal to the lesser of,

(

a) the assessment; and

(b) $10,000 times one-twelfth of the number of months, or part of a month, in the taxation year in which the owner of the land is at least 65 years of age or is disabled.

Section 36 of the Act is amended by adding the following subsection:

Record of current value assessment

(3.1) The assessment corporation shall maintain a record of the assessment of all parcels of land if the assessment is based on the current value of the parcel and shall provide a copy of the record with respect to a parcel of land

to the owner of the parcel within 24 hours at no charge upon request.

Commencement

4. This Act comes into force on the day it receives Royal Assent.

Short title

5. The

short title of this Act is the Homestead Act, 2006 .

EXPLANATORY NOTE

The Bill amends the Assessment Act with respect to assessments for a taxation year after 2006.

The Bill provides that the first $25,000 in repairs, alterations, improvements or additions that an owner of residential land has made will not be considered to increase the current value of the land for

assessment purposes if the municipality in which the land is located or the Assessment Review Board does not disallow, in the assessment roll, the value of the work done.

The Bill also imposes a cap of 5 per cent on the increase that can occur in the assessment of residential land if the owner of the land is the same as the owner of the land in the immediately preceding

taxation year or is a child or spouse of that owner.

The assessment of a principal residence is reduced by an amount up to $10,000 for the number of months of a taxation year during which the owner is at least 65 years of age or is disabled.

The Municipal Property Assessment Corporation is required to maintain a record of the assessment of land based on its current value and to provide a copy of the record to land owners within 24 hours at no

charge upon request.

Date Bill stage Activity Committee

April 13, 2006

Ordered referred to Standing Committee

Standing Committee on General Government

April 13, 2006

Second Reading

Carried on division

April 13, 2006

Second Reading

Debate

March 1, 2006

First Reading

Carried

Debates and Progress

First Reading

March

1, 2006

Second Reading

Debate

April

13, 2006

Mr. Hudak, Mr. Marchese, Mr. Arthurs, Mr. Dunlop, Mr. Prue, Mr.

Flynn, Mr. Miller, Ms. Mossop, Mrs. Mitchell, Mr. Klees, Mr.

Yakabuski, Ms. Scott

April

13, 2006

Carried on division. Referred to the Standing Committee on

General Government.

Committee

Standing Committee on General Government

Third Reading

Royal Assent :

Coming into force :Royal Assent.

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

Assessment Act

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Document details

Collection	Ontario — Bills
Citation	Bill 75, 38-2
Type	bill
Volume / chapter	p38 s2 bill 75 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	c2ac1ba4b407648619b0edd9a57318e688280068

Source file is stored in the law ingest library (html).