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Archive for the ‘Property tax decrease’ Category

UPDATE – Check this link for details related to the 2014 Annual Rent Increase as well as the Automatic Rent Reduction in 2014http://wp.me/pia0J-ZA

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Rents will be reduced in 2013 due to the decrease in municipal property taxes. The percentage amount that a tenant can reduce their monthly rent is 0.71%.  This means that tenants can look forward to a small reduction in their monthly rental payments effective December 31, 2012.

Tenants should note that they do not require permission from the landlord or the Landlord and Tenant Board to reduce their rent by 0.71%.  However, as a courtesy, you should discuss how the reduction will be done with your landlord.

More information about this decrease in property taxes and the reduction in rent has been mailed out by City of Toronto only to tenants who qualify for the reduction.  The rent reduction applies to tenants in residential properties. The properties excluded from the reduction include public housing, non-profit housing, non-profit co-operatives, etc.  For more details on how this reduction is to be applied and to see if you qualify for a rent reduction you should check these City of Toronto links:  http://www.toronto.ca/housing/tenant_notification.htm and  http://www.toronto.ca/housing/rentlowerfaq.htm,

You can also phone the City of Toronto hotline 311 for further clarification.

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NOTES

1. Additional information can be obtained from the Landlord and Tenant Board at TEL: 416-645-8080 or at their website: www.ltb.gov.on.ca

2.  The Federation of Metro Tenants’ Associations (FMTA) has posted a Q & A that provides clarification about the rent reduction. Check this link: http://www.torontotenants.org/news/automatic-rent-reductions-2013-questions-and-answers

IMPORTANT NOTICE ON LAST MONTH RENT (LMR) – The landlord must pay the tenant interest on the rent deposit every year. Under the Residential  Tenancies Act the interest charged on your last month’s rent will be equal to that year’s Annual Rent Increase Guideline amount. Landlords have the option to add that interest to your last month’s rent deposit or that interest can be applied as a reduction in your annual notice of a rent increase. Check this link: http://www.ltb.gov.on.ca/en/Key_Information/STDPROD_098894.html

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UPDATE: A reduction in rent will also apply for the year 2013. For more details refer to this link: http://www.eastyorktenantsgroup.com/2012/12/13/automatic-rent-reduction-in-2013/
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The decrease in municipal property taxes will result in a reduction in rent for tenants in residential properties. This means that  tenants can look forward  to a small reduction in their monthly rental payments effective December 31, 2011.  Although the decrease in rent of 0.79% seems to be an insignificant amount most of us will welcome any reduction in rental payments in these troubled economic times. This modest decrease comes at an opportune time for tenants since the 2012 Rent Increase Guideline of 3.1% is a substantial increase compared to what was allowed in recent memory.

Tenants should note that they do not require permission from the landlord or the Landlord and Tenant Board to reduce their rent by 0.79%.  However, as a courtesy, you should discuss how the reduction will be done with your landlord.

Incidentally, not all residential properties are affected by this rent reduction. Information about this decrease in property taxes and the reduction in rent has been mailed out by City of Toronto only to tenants who qualify for the reduction.  The  properties excluded from the reduction include public housing, non-profit housing, etc.  For more details on how this reduction is to be applied and to see if you qualify for a rent reduction you should check:  http://www.toronto.ca/housing/rent-lower.htm.   For your convenience a sample calculation is provided at that website.  You can also phone City of Toronto hotline 311 if you have questions.

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NOTES
1.  The Federation of Metro Tenants’ Associations (FMTA) has posted a Q & A that provides clarification about the rent reduction. Check this link:  http://www.torontotenants.org/news/automatic-rent-reductions-2012-questions-and-answers
2. This reduction in rent is covered under Section 131 of the Residential Tenancies Act. Refer to this link:  www.ltb.gov.on.ca

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