Speaking at an event in Thunder Bay this week the Premier acknowledged that property tax reassessments on large commercial properties is a serious issue. The Premier also said that it’s a problem the government recognizes isn’t confined to one area of the province, and are currently being handled by MPAC.
The issue arose as the result of a recent case in Thunder Bay where the City lost an appeal to the Assessment Review Board (ARB), resulting on a significant drop in the assessed value of a milling belonging to Resolute Forest Products. The reassessment resulted in a loss of $39.6 million in revenue for the City.
Municipalities are frequently left in a lurch when large commercial property owners, like Resolute Forest Products, appeal their property tax assessments to the ARB.