Condominiums, even though they have been around for quite sometime in
This growth has lead many urban municipalities to allocate an ever increasingly larger proportion of larger building permits to condominium development. Since condominium developments, specifically high-rise condominiums, utilize less land area, they have also become an excellent planning tool for the urban municipality, enabling them to accommodate more people in a smaller land area. Although this growth in condominium developments has increased, almost exponentially in recent times, one aspect of condominium life has not changed, namely assessment on condos for the purpose of municipal taxes.
EACH CONDOMINUM UNIT IS STILL ASSESSED AS A SINGLE-FAMILY RESIDENTIAL UNIT FOR THE PURPOSES OF THE MUNICIPAL TAX BILL. This is the case because the assessment act of
David Pylyp; With the number of Toronto Condos nearing 50% maybe this idea is indeed timely. Please feel free to add your comments.