ONPHA Opening Doors Podcast
Join us as we explore the world of #affordablehousing, discussing important topics, sharing insights, and highlighting inspiring stories from the sector.
Whether you're a housing professional, advocate, or simply interested in learning more about affordable housing, this podcast is for you!
ONPHA Opening Doors Podcast
S2E5 - Avoiding the Fangs: A Guide to Unlocking Property Tax Savings
In this episode of ONPHA Opening Doors, we’re tackling Avoiding the Fangs: A Guide to Unlocking Property Tax Savings. Ever seen those dreaded fangs on your financial chart when expenses outpace revenue, and those red lines look like they’re ready to take a bite out of your budget? Fear not! Join us as we learn how to unlock savings.
In 2022, Centretown Citizens Ottawa Corporation (CCOC) secured property tax reductions through the provincial superior court, saving millions across its portfolio and evading those menacing fangs! Property taxes can be a significant burden on non-profit housing budgets, especially after end-of-mortgage (EOM). While recent amendments to the Housing Services Act, 2011 allow service managers to approve tax reductions under new service agreements, these approvals are not guaranteed.
Learning from CCOC’s success, we’ll dive into how your organization could secure substantial tax savings, guided by two experts who made it happen: Sarah Button, Executive Director of CCOC, and Maryse Martin, Finance Director of CCOC. They’ll walk us through where to begin your tax reduction journey, a detailed step-by-step process, how long it typically takes, the effects on tenants like the Ontario Trillium Benefit (OTB) and more, and what to expect when working with service managers—from repayment of savings to negotiating new agreements.
Don’t miss this opportunity to gain essential insights, banish those fangs, and take control of your property tax expenses!