Policy Title Assessment Base Management - Policy Statement Purpose Scope

Purpose This policy outlines the City’s Assessment Base Management (ABM) program and provides a framework for: • The protection and maintenance of the Assessment Base, ensuring the City has a predictable, steady and sustainable property tax revenue stream, and • Fair, transparent and equitable Assessment review practices Scope This policy applies to all staff and management involved in managing th. [...] Legislative Authority This policy complies with the Municipal Act, the Assessment Act, the Municipal Freedom of Information and Protection of Privacy Act, associated Ontario Regulations, and the Rules and Procedures of the Assessment Review Board, as amended, as well as applicable City by-laws. [...] The Assessment values included in the annual Assessment Roll are used in the calculation of the annual tax rates and for determining the taxes apportioned to each property owner. [...] Review of the Assessment Roll After the City has received the annual Assessment Roll, Assessment Review and Analysis staff undertake a comprehensive review to ensure the following: 1. [...] City Owned/City Leased Property To ensure correct Property Classification, fair Assessment and legislative compliance, staff monitor land/properties that are: • Purchased by the City • Sold by the City • Vested to the City • Owned by the City and leased/licensed to others, and • Owned by others and leased/licensed by the City Roles and responsibilities are set out below.