ontario regulation 430/15

made under the

Assessment Act

Made: December 17, 2015
Filed: December 18, 2015
Published on e-Laws: December 18, 2015
Printed in The Ontario Gazette: January 2, 2016

Amending O. Reg. 282/98

(GENERAL)

1. Subsection 45.5 (1) of Ontario Regulation 282/98 is revoked and the following substituted:

(1) For the 2014 and subsequent taxation years, the following rules apply with respect to third party signs:

1. The contribution to the current value of a property that is attributable to a third party sign located on the property shall be determined using the replacement cost new approach to valuation of the sign, less depreciation of 50 per cent, with no value added for rent or other consideration payable in respect of the sign or its placement.

2. No contribution to the current value of a property shall be attributable to a third party sign if the aggregate sign face area of the sign is smaller than 25 square feet in size.  The aggregate sign face area of a third party sign is the total area of all of the sign’s faces, measured in square feet.

3. The third party sign is included in the commercial property class.  However, the classification of the land on which the sign is affixed, erected or placed is not changed as a result of the sign being so affixed, erected or placed.

4. If a third party sign is located on land whose current value is determined under subsection 19 (5) of the Act, the current value of the land continues to be determined under that subsection as if the land was used for farm purposes only.

Commencement

2. This Regulation comes into force on the day it is filed.

Made by:

Charles Sousa

Minister of Finance

Date made: December 17, 2015.