 |
| You are here > Introduction > Stage 2 > Clarification of Property Assessment Stage 2: Evaluation and Planning - Finance - Clarification of Property Assessment |
Municipalities should encourage property owners and developers to obtain clarification of property values and tax class by the Municipal Property Assessment Corporation (MPAC) prior to remediation to achieve the greatest gain from Tax Increment Equivalent Grants, one of the financial incentives that may be offered by a municipality.
A reduction in property tax assessment may be achieved by simply re-classifying the site as vacant or possibly changing to a tax class with a reduced rate. Owners should also investigate whether a tax assessment reduction is possible. Property owners and developers should evaluate the savings achieved by tax reductions through an assessment prior to making decisions that may alter the property (e.g. removal of a building, etc.).
| Best Practices |
|
| View Framework Diagram |