Property owners who are struggling amid the coronavirus pandemic may be eligible for financial assistance from the City to help with their property taxes.
The City says both residential and commercial property owners may be able to request additional time to pay their taxes without incurring late payment penalties or interest charges for a six month period effective June 1 to November 30, 2020.
However, the additional time given to pay property taxes does not reduce the amount of taxes that are owed to the City.
According to the City, to be eligible, applicants must be able to demonstrate financial hardship stemming from COVID-19, including:
- A prolonged suspension of pay or loss of employment
- Excessive business revenue loss or business closure
- Pending business insolvency or bankruptcy
Additionally, property owners must also have a good payment history – up to date on their tax payments as of March 2020 – and all residential properties with a residential structure qualify.
Commercial, shopping, office, industrial, multi-residential, or new multi-residential properties with a 2020 property assessment value equal to or under $10 million also qualify.
Need more time to pay your property taxes due to financial impacts from #COVID19? Residential & commercial property owners with a good payment history can apply for additional time – up to six months without interest or fees. For more info and to apply: https://t.co/Rsox93UEhY pic.twitter.com/kBQpqcGbnh
— City of Toronto (@cityoftoronto) June 2, 2020
Property owners are able to apply to the program at any time between June 1 and October 31, 2020. Applications received and approved before July 31, 2020, will be eligible to have late payment penalties and/or interest amounts added to the tax account in June and July waived, as well as any penalties or interest incurred up to November 30, 2020.
Applications approved after July 31, 2020, will be eligible to have late payment penalty or interest amounts waived from the date the application is approved up to November 30, 2020.
Those interested in applying can find a list of all the required documents and other relevant information here.