Almost 40 percent of Toronto’s renters are ringing in the New Year with some extra cash in their pockets. Thousands of tenant households should have received notices from the city of Toronto indicating they can automatically reduce their rent as of Dec. 31.
More than 167,000 households in Toronto are eligible this year for a minor rent reduction because the property taxes on their buildings have been lowered by more than 2.49 percent.
The notices, which should have been received sometime after Dec. 15, contain information a tenant needs to start paying a lower rent as of Dec. 31.
Notices are based on assessment information provided by Municipal Property Assessment Corporation, an independent organization established by provincial government.
Tenants can check eligibility at [url]www.toronto.ca/housing/rent-lower.htm.[/url] Tenants in buildings with a property tax reduction of 2.49 percent or less may also be eligible for a rent reduction if they make an application to the Landlord and Tenant Board.
For inquiries, including possible exemptions, call the board at 416-645-8080, or visit [url]www.ltb.gov.on.ca.[/url]