NDP Property Tax Freeze

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Ontario NDP Leader Howard Hampton today announced that, if his Party was to be elected, there would be a freeze on property tax assessments for individual homes “on the market” and is quoted as saying that “seniors and people on fixed incomes are losing their properties because they can’t afford the increase after the jump in market value in the current system under Dalton McGuinty’s Liberals.”

As I understand it from the way that this is being reported…

Until a new owner takes possession” homes in the process of being sold “would be taxed at the level they were on Jan. 1, 2005” unless “more than $40,000” had been spent refurbishing it in which case “the property would be taxed at the new value.”

OK. Some temporary relief for those income-challenged individuals who have been forced to put their homes up for sale. Fine as far as it goes, but unless I’ve missed something this announcement doesn’t impact those home owners who would like to retain their homes and have not yet taken the step of putting them on the market.

This seems to be something different than the position recommended by the NDP’s Task Force on Assessment and Property Tax that would “freeze the assessed value of your home at its purchase price for as long as you own your home.”

Have I missed something?

Links:

http://ouchassessment.ca/files/TaskForceFinalReport.pdf
http://www.cbc.ca/canada/ottawa/story/2007/08/29/ndp-homes.html

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